MADISON, N.J., June 22, 2018 – Saxum Real Estate, a privately-held real estate investment and development firm has added to its growing portfolio with the acquisition of 345 Main St, Madison, NJ. Saxum acquired the property in partnership with two leading physician groups, which will leaseback all remaining vacancy in the building under long-term leases. As a result, upon transaction close, Saxum brought the building from 47% occupancy to 100% occupancy and achieved an Average Weighted Lease Term of over 8 years.
Located at 345 Main St, also known as the Madison Professional Center, is a 19,700 square foot, flagship medical office building located in downtown Madison. The property is complimented by its superior construction quality and unrivaled frontage on Main Street. The property is currently home to Madison Medical & Sports Rehabilitation Center and will soon feature hand and arm treatment, as well as orthopaedic services from two leading physician groups in the coming months.
“This acquisition provides us with another unique investment in best-in-class real estate located in one of New Jersey’s premier downtown’s. Additionally, this acquisition provides us with an opportunity to expand our presence in healthcare real estate.” Anthony Rinaldi, Managing Principal.
“Madison Professional Center is a great opportunity to add to our healthcare real estate portfolio as we continue to look for opportunities to find yield. Furthermore, the unique partnership and location of the property is at the core of our investment thesis, which is value creation in downtown, transit-oriented markets.” Sean Gilbert, Director of Acquisitions
The acquisition is Saxum’s second acquisition in downtown Madison and compliments Saxum’s rapidly growing portfolio of properties located in downtown, transit-oriented communities. Saxum’s portfolio expands into similar communities including Summit, Montclair, Red Bank and New Brunswick, among others.
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