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.”
The firm plans an extensive renovation of the property, including new lobbies, common areas, façade work and energy management upgrades to bring the asset up to the quality standards the company is known for throughout the its portfolio of medical office properties.
The property is 52-percent occupied by a diverse group of medical tenants including the New Jersey Imaging Network. Simone says it sees the property as an attractive value-add opportunity to re-position the building and increase NOI substantially via lease-up of immediately available space in a transforming Live/Work/Play community with an expanding healthcare presence and population.
Located less than a mile north of Hackensack University Medical Center and less than a half mile from the Anderson Street NJ Transit station, the property offers excellent accessibility to Interstate 80, Route 17, Route 4, the Garden State Parkway and Interstate 95/NJ Turnpike.
The property, situated on 1.6 acres and built in 1983, features parking for more than 200 vehicles.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
