The transaction closed with the help of $8.5 million in permanent debt financing that was arranged by CB Richard Ellis Capital Markets, Saddle Brook. Senior director James Gunning and VP Donna Falzarano of CB Richard Ellis Debt & Equity Finance put the funding package together for the buyers. The lender was Allstate Insurance Co., for which the CBRE group acts as correspondent in Northern New Jersey. Further terms of the financing were not released.
The just-traded office asset, which consists of two single-story buildings, is situated on 2.2 acres at the intersection of South and Elm streets in this Morris County city. It is located near Morristown Memorial Medical Center, and its fully leased tenancy reflects that proximity. Key tenants are Morristown Cardiology Associates and Affiliated Dermatology and Cosmetology, and much of the rest of the space is occupied by doctors' offices.
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