September 14, 2018
Chicago-based Harrison Street Real Estate Capital, LLC, acquired a 538,107-square-foot MOB in Morristown, NJ from National Business Parks, Inc. for an undisclosed amount. Brokers involved in the deal say it is the largest medical office sale ever in the state of New Jersey by square footage.
The three-building, Class A buildings are 93% leased to Atlantic Health System, an integrated health delivery system, and houses some of its critical offices and unique services. Located at 435, 465 and 475 South St., the complex is situated in the highly-coveted city of Morristown, just a mile south of Atlantic Health Systems’ flagship 742-bed hospital.
HFF’s investment advisory team representing the seller included Ben Appel, Jose Cruz, Evan Kovac, Matthew DiCesare and J.B. Bruno.
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