WEST ORANGE, NJ-The Hampshire Companies and Paragon Realty Group have sold a 13,950-square-foot medical office condo in their revamped Mount Pleasant Medical facility here.
Hampshire's Igor Derbaremdiker said the deal demonstrates an increase in demand for net- leased medical office space situated near area hospitals
Hampshire made over the medical facility at 375 Mt. Pleasant Ave. in 2010 and continues to see keen interest in a strengthening healthcare office market, Derbaremdiker said. The facility meets hospital zone requirements and offers covered parking, multiple at-grade entries, high ceilings, heavy floor loads, high-efficiency individual HVAC systems for each suite, and direct utility metering.
Current tenants include the New Jersey Cardiology Associates, Urology Group of New Jersey, Muscio Pain Management, a new surgical center, and a dialysis center.
The three-story building offers a total of 113,000 square feet of office, set on 11 landscaped acres, close to both Route 10 and I-280. It has proximity to Saint Barnabas Medical Center, Newark Beth Israel, East Orange General Hospital, St. Michael's Medical Center and Mountainside Hospital.
The building is within walking distance of Essex Green Shopping Center.
A “substantial” percentage of the condo space has been sold, according to Frank Gunsberg of Colliers International, who is marketing it. He said the remaining space includes office suites that offer wooded views and parking outside each condo's door. Units as small as 1,000 square feet are available.
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