980 Mountain Ave. Picture courtesy of CommercialEdge
Montecito Medical has entered the New Jersey market with the acquisition of two medical workplace buildings within the townships of Livingston and New Windfall. The Silverman Group bought the 2 belongings, which whole 131,314 sq. toes, for $40.5 million.
The buildings are absolutely leased to Summit Well being. Medical providers offered on the clinics embody normal pediatrics, neurology, dermatology, endocrinology, ophthalmology, cosmetic surgery, radiology, gynecology and behavioral providers.
Cushman & Wakefield Government Vice Chairmen Gary Gabriel, David Bernhaut and Andy Merin, Government Director Frank DiTommaso and Affiliate Director Max Helfman represented the vendor. Principal at Leklen Realty Len Blackman represented the client.
The New Windfall asset beforehand traded in 2017 when The Silverman Group bought the ability from Veris Residential for $5.3 million. The property was additionally topic to a mortgage of $10.5 million in 2018, offered by Peapack-Gladstone Financial institution, CommercialEdge information reveals. The 79,278-square-foot Class B property got here on-line in 1977 and underwent beauty renovations in 2013. The three-story constructing presents 26,666-square-foot floorplates, two passenger elevators, managed entry and 308 parking areas.
Situated on a 5-acre property at 980 Mountain Ave., the property is instantly throughout from Summit Well being’s fundamental campus, 16 miles from Newark and 23 miles from Jersey Metropolis. Different medical suppliers within the surrounding space embody Overlook Medical Heart, New Windfall Dentistry and The Pediatric Heart, amongst others.
75 E Northfield Street. Picture courtesy of CommercialEdge
The Livingston property encompasses 52,036 sq. toes and got here on-line in 2015. The Class A two-story facility presents management entry, 312 parking areas, one passenger elevator and consists of an pressing care heart. The constructing sits on 4.5 acres at 75 E Northfield Street, lower than 10 miles from Newark, and has entry to Interstate 78. Medical suppliers within the surrounding space embody Mountainside Medical Heart, Cooperman Barnabas Medical Heart and East Orange VA Medical Heart.
Ongoing growth into health-care
This spring, Montecito Medical has expanded its health-care footprint with three different purchases. The corporate acquired Banner Well being Heart in Peoria, Ariz., from Banner Well being for $29 million, in addition to a 14,600-square-foot medical constructing in Texas that was accomplished in 2007.
Montecito not too long ago paid $21.6 million for a 209,000-square-foot constructing in Roanoke, Va. The property got here on-line in 2021 and is absolutely leased to Carilion Kids’s Clinic.
Established in 2006, the corporate owns a property portfolio valued at $5 billion throughout greater than 35 states.
