Two medical office buildings located in Livingston and New Providence recently traded for a final sale price of $40.45 million, according to an announcement Monday by Cushman & Wakefield.
Cushman & Wakefield’s Gary Gabriel, Frank DiTommaso, David Bernhaut, Andy Merin and Max Helfman represented the seller, the Silverman Group, in the transaction. Leklen Realty’s Len Blackman represented the buyer, Nashville, Tennessee-based Montecito Medical Real Estate. The buildings were delivered 100% leased. The two-building portfolio consists of clinical medical space for Summit Health, which remains committed to serving these respective communities.
“This was a strategic transaction for both the seller and the buyer, and we are pleased to have been able to work with all parties involved, including Summit Health, to successfully achieve this goal,” DiTommaso said. “It’s exciting to be able to continue to execute on behalf of the Silverman Group as they expand nationally and focus on growing their industrial and multifamily platforms across the country, while simultaneously bringing new entrants like Montecito into the Northern New Jersey market.”
While Montecito owns a nationwide portfolio totaling over $5 billion in value across 35-plus states, this acquisition marks its entry into the New Jersey market, according to Cushman & Wakefield.
“With the help of the Cushman & Wakefield team, we are thrilled to be able to enhance our medical real estate portfolio while forging a new relationship with one of the most dominant health care systems in New Jersey,” Chip Conk, CEO of Montecito Medical Real Estate, said.
75 E. Northfield Ave. in Livingston totals 52,036 square feet and 890 Mountain Ave. in New Providence totals 79,278 square feet. Together, the properties provide medical services including general pediatrics, neurology, dermatology, endocrinology, ophthalmology, plastic surgery, radiology, gynecology and behavioral.
75 E. Northfield is a specialized facility that also includes a highly trafficked urgent care center. The property was constructed in 2015.
890 Mountain Ave. is located directly across from Summit Health’s main campus and was a former office building that has been fully renovated and repositioned for Summit Health’s occupancy.
