435 South Street, Morristown, NJ, part of the three-building portfolio acquired by Harrison Street Real Estate Capital

MORRISTOWN, NJ—Chicago-based Harrison Street Real Estate Capital acquired a 538,107-square-foot, three-building, class A medical office complex in Morristown, NJ, in the largest medical office sale this year in the state.

A Holliday Fenoglio Fowler team that included senior director Ben Appel, senior managing director José Cruz, managing director Evan Kovac and associates Matthew DiCesare and J.B. Bruno represented seller National Business Parks and procured the buyer.

“Atlantic Health System provides care to more than 1,100 patients daily at this complex,” Appel says. “The additional land at the complex, although not yet spoken for, is earmarked for an 80,000-square-foot expansion. The hospital has expanded multiple times on this campus in recent years.”

The three buildings are 93%-leased to Atlantic Health System, an integrated health delivery system, and house some of Atlantic's critical offices and unique services. Located at 435, 465 and 475 South Street, the complex in Morristown is just a mile south of Atlantic Health Systems' flagship 742-bed hospital.

“Demand from the investment community for well located, good credit, medical office buildings is very strong in Northern and Central New Jersey,” says Cruz. “These assets are highly sought-after, especially given lack of opportunities to acquire these types of deals in the market.”

Instant Insights /

Harrison Street Acquires Half-Million SF Medical Office Complex in Morristown, NJ

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