Newmark Associates CRE, LLC, announced the $9,500,000 sale of a 50,400 SF medical and professional office building located at 347 Mount Pleasant Avenue in West Orange, New Jersey, located in Essex County.
Vice President Charles Ritschel and Senior Sales Associate Courtney Brooke Rosenkrantz completed the transaction, representing the seller, 347 Mt. Pleasant Ave LLC.
The buyer intends to utilize a portion of the building as a surgical center, which will utilize the third floor of the building. Ms. Rosenkrantz commented: “We extensively marketed the property and received interest from both users and investors. After receiving multiple bids, it was determined that the Surgical Center was the ideal fit for the property.”
Contemporary and functional, the three-story, Office building was constructed in 1979 and was originally part of the Organon pharmaceutical campus. The building became 97% occupied by medical and professional tenants with long term leases after upgrades and renovations were made to the building. Ample parking underneath and surrounding the freestanding building made it ideal for medical as well as professional use.
Located in the heart of West Orange, the property is in close proximity to super regional and local shopping centers; banks, lodging, and Saint Barnabas Medical Center. Less than a 10 minute drive to commuter rail stations on the Morris & Essex Morristown line at South Orange and Highland Avenue, it also has easy access to the New Jersey Turnpike, Garden State Parkway and major highways.
Newmark’s investment team has concluded the lease and sale of other prominent sites in the West Orange/Livingston area including Executive Hill Office Park, a 130,000 SF office building which recently sold for $8,000,000 and Industrial and Eisenhower Parkways, part of the West Essex Corridor, attracting companies seeking a convenient and increasingly upscale location. The Newmark investment team consistently identifies under-the-radar opportunities for their clients and customers.