What's Happening?
Jones Lang LaSalle, a global real estate services firm, has facilitated the sale of Madison Avenue Medical Plaza, a 58,440-square foot medical complex located in Morris County, New Jersey. The property, which is fully occupied and situated on 4.5 acres, was sold for $13.2 million by The Silverman Group to an affiliate of Pentaurus Properties. The facility, built in 1985, is strategically located one mile from Morristown Medical Center and is leased to 12 medical tenants, including Morristown Medical Center Radiology and Barnabas Health Medical Group. The buyer plans to update the property to maintain its status as a premier medical facility.
Why It's Important?
The sale of Madison Avenue Medical Plaza underscores the ongoing demand for healthcare real estate, particularly in strategic locations near major medical centers. This transaction highlights the role of Jones Lang LaSalle in facilitating significant real estate deals that contribute to the healthcare infrastructure. The property's proximity to Morristown Medical Center and its full occupancy by reputable medical tenants make it a valuable asset in the healthcare sector. The planned updates by the new owner could enhance the facility's appeal and functionality, potentially attracting more tenants and increasing its value.
What's Next?
The new owner, Pentaurus Properties, intends to update the Madison Avenue Medical Plaza to ensure its long-term viability as a leading medical facility. This could involve renovations or improvements to the existing infrastructure, which may attract additional medical tenants or services. The strategic location and existing tenant base provide a strong foundation for future growth and development in the healthcare real estate market.
