Nashville-based buyer enters New Jersey market, inks $40 million medical office deal – Real Estate NJ

By Joshua Burd

The Silverman Group has shed more than 130,000 square feet of medical office space in New Jersey, selling a portfolio in Essex and Union counties for more than $40 million.

According to Cushman & Wakefield, which represented the seller, the buildings include a 52,036-square-foot structure at 75 East Northfield Ave. in Livingston and a 79,278-square-foot facility at 890 Mountain Ave. in New Providence. The portfolio was delivered 100 percent leased to Summit Health, which uses the buildings for clinical medical space.

Cushman’s Gary Gabriel, Frank DiTommaso, David Bernhaut, Andy Merin and Max Helfman completed the $40.45 million deal on Silverman’s behalf. Leklen Realty’s Len Blackman represented the buyer, Nashville, Tennessee-based Montecito Medical Real Estate.

“This was a strategic transaction for both the seller and the buyer, and we are pleased to have been able to work with all parties involved, including Summit Health, to successfully achieve this goal,” DiTommaso said. “It’s exciting to be able to continue to execute on behalf of The Silverman Group as they expand nationally and focus on growing their industrial and multifamily platforms across the country, while simultaneously bringing new entrants like Montecito into the northern New Jersey market.”

In a news release, C&W noted that the properties provide medical services including general pediatrics, neurology, dermatology, endocrinology, ophthalmology, plastic surgery, radiology, gynecology and behavioral health. The Livingston facility, which was built in 2015, is also home to an urgent care center, while the New Providence property is directly across from Summit Health’s main campus and was a former office building that has been fully renovated and repositioned for the provider.

Montecito, for its part, owns a portfolio spanning more than 35 states and valued at more than $5 billion.

“With the help of the Cushman & Wakefield team, we are thrilled to be able to enhance our medical real estate portfolio while forging a new relationship with one of the most dominant healthcare systems in New Jersey,” said Chip Conk, CEO of Montecito Medical Real Estate.