Morristown Medical Plaza Near Major Hospital Changes Hands in $13.2M Deal
The $13.2 million sale of a prominent medical office building in Morristown, New Jersey, was a major healthcare real estate deal this summer. Morris County’s specialist medical activities have long been centered in Madison Avenue Medical Plaza, less than a mile from Morristown Medical Center.
The three-story, 58,440-square-foot tower at 310 Madison Avenue lies on 4.5 acres of prime real estate. Twelve tenants, including Morristown Medical Center Radiology, Barnabas Health Medical Group, Vista Pain Consultants, and National VIP Centers Management, lease the 1985 plaza. Its steady occupancy reflects North Jersey’s demand for medical office space near major hospitals for doctors and patients.
A Pentaurus Properties affiliate bought Silverman Group. The buyer’s agent said the new owners will renovate and keep the hospital a top healthcare destination for years. This investment improves Morristown’s medical hub status and shows confidence in its growing medical requirements.
With 217 parking spaces and convenient access to I-287 and Route 24, the property provides more than its interior. This link facilitates patient and staff transport and attracts tenants to the healthcare center.
Timing makes this deal notable. As hospitals expand outpatient services, New Jersey medical office buildings are appealing. Madison Avenue Medical Plaza, near a major hospital but independent, benefits medical practices seeking visibility and convenience.
Big Cushman & Wakefield represented the seller and found the buyer. Institutional investors are interested in healthcare real estate, especially in Morris County, where patient demand and hospital infrastructure are high.
This arrangement cements Morristown’s healthcare hub status in northern New Jersey. New owners will modernize the plaza to meet modern medical needs, keeping it a trusted care institution.
Sources
Cushman & Wakefield press statement
Pentaurus Properties buyer’s statement
NJ Advance Media report
