Montecito Medical Real Estate Acquires Two Medical Office Buildings In Livingston And New Providence For $40.45M

Two medical office buildings in Livingston and New Providence, New Jersey, were sold to Montecito Medical Real Estate for $40.45 million. The buildings, located at 75 East Northfield Avenue and 890 Mountain Avenue, have a combined square footage of 131,314. The sale price equates to approximately $308 per square foot. The properties are fully leased to Summit Health and provide a range of medical services.

Summary of transaction details

• Property Type: Medical Office
• Transaction Amount: $40,450,000
• Market: Livingston & New Providence
• Buyer: Montecito Medical Real Estate - Chip Conk
• Seller: Silverman Group
• Buyer's Rep: Len Blackman - Leklen Realty
• Seller's Rep: Gary Gabriel, Frank DiTommaso, David Bernhaut, Andy Merin & Max Helfman - Cushman & Wakefield

This transaction marks Montecito Medical Real Estate's entry into the state of New Jersey. The deal was facilitated by Len Blackman from Leklen Realty representing the buyer and Gary Gabriel, Frank DiTommaso, David Bernhaut, Andy Merin & Max Helfman from Cushman & Wakefield representing the seller. The purchase of these fully leased medical office buildings aligns with Montecito Medical Real Estate's strategy of acquiring high-quality healthcare properties.