Cushman & Wakefield arranged the sale of the Governor Morris Office Center for $9.725 million, according to a Monday announcement.
Cushman & Wakefield’s David Bernhaut, Andy Schwartz, Jordan Sobel and André Balthazard represented the seller, Lindsley Drive Associates LLC, and procured the buyer, Pentaurus Properties LLC, in the transaction.
Located at 25 Lindsley Drive, the 76,308-square-foot, three-story property features abundant parking and is situated on five acres. The asset is located within minutes to an array of restaurants, retail and entertainment options.
The property is strategically located one mile from downtown Morristown and is situated within minutes to Interstate 287. Additionally, it is less than one mile from the Morristown Train Station, offering direct New Jersey Transit service to New York City.
“25 Lindsley Drive offered investors the opportunity to procure an office property with true value-add potential,” Schwartz said. “We saw significant interest in this property because of its diversified tenant roster and ideal location in the highly desirable Morristown.”
“We are extremely excited about this acquisition. It has a strong medical and professional tenancy in a tight Morristown market. We look forward to completing our capital improvement project, which will commence in a few short weeks,” said J.D. Moore, asset manager for Pentaurus.