HACKENSACK, NJ—Simone Development Companies, an investor and developer of medical office and healthcare properties throughout New York City, Long Island, Westchester and Fairfield counties, has made its first foray into Northern New Jersey, acquiring Prospect Plaza at 385 Prospect Avenue in Hackensack NJ. The property is a three-story, 62,000 square-foot medical office building near Hackensack University Medical Center.
Simone Development acquired the property for $4.5 million, according to Real Capital Analytics, a proprietary research database. Joseph Simone, president of Simone Development, and Joseph Deglomini Jr., a principal with the firm, arranged the acquisition.
“The property at Prospect Plaza presented a unique opportunity to acquire a medical office building in a competition constrained market where existing medical office properties are more than 96-percent occupied,” says James D. MacDonald, vice president of leasing, Simone Metro Properties. “The building is complimented by surrounding medical offices, senior-living communities and other healthcare specialists, and Hackensack has experienced a surge in multi-family development over the past five years, increasing the need for healthcare services in the area.”
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