Cushman & Wakefield Inks Lease, Completes Sale in North Jersey
Cushman & Wakefield announced both a sale and lease last week, both in North Jersey. On Sept. 13, the global commercial real estate services firm said it arranged the sale of an approximately 18,000-square-foot medical office building in Florham Park for $4.62 million. Cushman & Wakefield‘s Frank DiTommaso, Andy Schwartz, Jordan Sobel, Andre Balthazard and Dan Bottiglieri represented the seller, The Silverman Group, and procured the buyer, Desai Holdings, in the transaction for 10 James St. The property is 100% leased, according to Cushman & Wakefield.
“We are grateful to have worked with The Silverman Group and Desai Holdings on this transaction,” Sobel said. “This stabilized medical office building is ideally located in a central business district and surrounded by an affluent population. Coupled with a strong tenant roster, the property offers great existing cash flow with the value-add opportunity for new ownership.”
Located on more than 1 acre, the building is surrounded by corporate and medical offices. With proximity to Route 24 as well as Interstates 80, 280 and 287 in addition to the Morristown Airport, the property affords multiple access points along with dining and shopping options.