Morristown Plaza, a two-building, 122,103-square-foot office complex located at 161-163 Madison Ave. in Morristown, was purchased by Pentaurus Properties for $21.5 million, Cushman & Wakefield announced Thursday.
The Silverman Group was the seller.
The 3.9-acre site consists of two boutique buildings and will be delivered 92% leased to a diverse roster of tenants. The property features a PNC Bank branch location with drive-thru services, a combination of surface and covered parking as well as a recently renovated amenity center including a full-service café, fitness center and shared conference facility.
The complex is located minutes from Downtown Morristown, with direct access to Interstate 287. The assets are located near the Morristown New Jersey Transit Station, offering direct access to New York City.
Pentaurus Properties’ Austin Rolnick said the location fits the vision of the company.
“Pentaurus remains focused on acquiring assets that have long-term value and superior locations,” he said. “Possessing both of these attributes, with the ability to improve the asset, made Morristown Plaza a perfect fit for our portfolio.”
Cushman & Wakefield’s Gary Gabriel, David Bernhaut, Frank DiTommaso, Bill Baunach and Maia Sirabian, with support from the team’s Private Capital Group of Andy Schwartz, Jordan Sobel and Andre Balthazard, represented the seller in the transaction.
The trade represents one of several recent office sales arranged by Cushman & Wakefield on behalf of the Silverman Group as it continues to remain focused on its robust industrial development and acquisition pipeline across the U.S.