HFF announces the sale of the 538,107 square foot Atlantic Health System Campus in Morristown, New Jersey
Holliday Fenoglio Fowler, L.P. (HFF) announces the sale of the Atlantic Health System Campus, a 538,107 square foot, three-building, Class A medical office complex in Morristown, New Jersey.
The HFF team represented the seller, National Business Parks, Inc., and procured the buyer, Harrison Street Real Estate Capital, LLC, in what is the largest medical office sale in the state of New Jersey.
The Atlantic Health System Campus is located at 435, 465 and 475 South Street in the highly coveted city of Morristown, NJ, just one mile south of Atlantic Health Systems’ flagship 742-bed hospital. The campus, which is arguably one of the most mission-critical to the health system, is 93 percent leased to Atlantic Health System (Moody’s Aa3).
The HFF investment advisory team representing the seller was led by senior director Ben Appel, senior managing director Jose Cruz, managing director Evan Kovac, associate Matthew DiCesare and analyst J.B. Bruno.
“Atlantic Health provides care to more than 1,100 patients daily on this campus,” Appel said. “The additional land on the campus, although not yet spoken for, is earmarked for an 80,000-square-foot expansion. “The hospital has expanded multiple times on this campus in the recent years,” Appel added.
Cruz added “Demand from the investment community for well located, good credit medical office buildings is very strong in Northern and Central New Jersey.” “These assets are highly sought after especially given lack of opportunities to acquire these types of deals in the market.” According to Cruz.
HFF and Holliday GP Corp. (“HFF”) are licensed New Jersey real estate brokers.
About National Business Parks, Inc.
National Business Parks (NBP) is a leading owner, manager and developer of medical office, office and laboratory space in New Jersey. Founded in 1967, NBP has grown steadily in the northern and central parts of the State. The original vision of the Zirinsky family continues today with John Zirinsky at the helm with the same goal to provide health systems and corporate America with an alternative working environment that surpassed those in other regional parks or midtown locations.
About Harrison Street Real Estate Capital LLC
Harrison Street Real Estate Capital LLC (“Harrison Street”) is one of the leading real estate investment management firms focused on the Education, Healthcare and Storage sectors. The firm has created a series of differentiated investment strategies across multiple risk/return platforms. Headquartered in Chicago, the firm employs a 125-person team with approximately $15.6 billion in assets under management. For more information, please visit harrisonst.com.
HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform, including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.
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