435 South Street, Morristown, NJ, part of the three-building portfolio acquired by Harrison Street Real Estate Capital
MORRISTOWN, NJ—Chicago-based Harrison Street Real Estate Capital acquired a 538,107-square-foot, three-building, class A medical office complex in Morristown, NJ, in the largest medical office sale this year in the state.
A Holliday Fenoglio Fowler team that included senior director Ben Appel, senior managing director José Cruz, managing director Evan Kovac and associates Matthew DiCesare and J.B. Bruno represented seller National Business Parks and procured the buyer.
“Atlantic Health System provides care to more than 1,100 patients daily at this complex,” Appel says. “The additional land at the complex, although not yet spoken for, is earmarked for an 80,000-square-foot expansion. The hospital has expanded multiple times on this campus in recent years.”
The three buildings are 93%-leased to Atlantic Health System, an integrated health delivery system, and house some of Atlantic's critical offices and unique services. Located at 435, 465 and 475 South Street, the complex in Morristown is just a mile south of Atlantic Health Systems' flagship 742-bed hospital.
“Demand from the investment community for well located, good credit, medical office buildings is very strong in Northern and Central New Jersey,” says Cruz. “These assets are highly sought-after, especially given lack of opportunities to acquire these types of deals in the market.”
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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].
