HFF closes $22.5 million sale of office portfolio in Morristown, New Jersey
FLORHAM PARK, NJ – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of a two-property medical office and office building portfolio totaling 128,000 square feet in Morristown, New Jersey. The two properties within the portfolio are: 55 Madison and 101 Madison Avenue.
HFF marketed the assets on behalf of the sellers, a joint venture of Ivy Realty and CenterSquare Investment Management. Atlantic Health System, represented by Colliers International, purchased both buildings for $22.5 million free and clear of any existing debt.
55 and 105 Madison Avenue are located across from the Morristown Memorial Hospital about two miles from downtown Morristown and the Morristown train station, which provides access to New York’s Penn Station 25 miles to the east. The property has immediate access to Interstate 287 as well as close proximity to Interstates 80 and 280, and Routes 24, 10 and 202. 101 Madison is a 39,000-square-foot medical office building that was most recently renovated in 2008. 55 Madison was updated in 2009 and consists of an 89,000 square-foot-office building. Major tenants include Regus, Keller Williams, Fresenius Medical Care and BioReference Laboratories.
The HFF investment sales team representing the seller was led by senior managing director Jose Cruz, managing director Kevin O’Hearn and real estate analyst Robert Borny.
About Ivy Realty
Ivy Realty was founded in 1996 to acquire commercial real estate in the northeastern United States and later expanded into southeastern Florida. Since its inception, the firm has built a reputation as one of the finest real estate operators in the market having acquired over $1.5 billion and 11 million SF in commercial real estate assets.
About CenterSquare Investment Management
CenterSquare was founded in 1987 and offers a variety of real asset strategies and products. CenterSquare manages approximately $7.5 billion of public real estate securities through CenterSquare Investment Management, Inc. and approximately $1.6 billion (gross) of debt and private equity real estate investments through CenterSquare Investment Management Holdings, Inc. (together referred to as "CenterSquare"), as of December 31, 2014. It manages investments for institutional investors and high net worth individuals throughout global markets and across public and private capital sectors. It is one of the investment boutiques of BNY Mellon Investment Management.
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 22 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.