Colliers Int’l Arranges $22.5M Atlantic Health System Purchase of Morristown Portfolio

Colliers International arranges the Atlantic Health System (AHS) purchase of a two-property, 128,000-square-foot medical office and office building portfolio in Morristown, for $22.5 million. The acquisition includes properties at 55 Madison Avenue and 101 Madison Avenue, both of which are located directly across from the Morristown Medical Center, which AHS also owns, elevating AHS as the largest medical system provider in the area.

The Colliers International team of Managing Director Jacklene Chesler, Executive Managing Director Bryn Cinque, and Managing Director James Bailey exclusively represented AHS in the transaction. Holliday Fenoglio Fowler, L.P. (HFF) represented the sellers, a joint venture of Ivy Realty and Centersquare.

Of the newly acquired properties, 55 Madison Avenue is an 89,000-square-foot office building, while 101 Madison Avenue is a 39,000-square-foot medical office building, which was renovated in 2008.

“The Madison Avenue portfolio is an optimal location for Atlantic Health System, given its proximity to the Morristown Medical Center,” Chesler said. “The company’s expansion to these buildings will provide ample space for growth as they look to accommodate their operational needs.”

“Our expansion within Morristown demonstrates our continued commitment to the area,” said Robert Peake, Director of Real Estate Facilities and Construction at Atlantic Health System, who noted that AHS was in search of medical office and office space to accommodate their growth. “We look forward to expanding our platform and continuing to provide best-in-class healthcare services to the community.”

The properties at 55 Madison Avenue and 101 Madison Avenue are two miles from downtown Morristown and the Morristown train station, which provides access to New York City’s Penn Station. Additionally, the properties are easily accessible via Interstates 287, 80 and 280, as well as Routes 24, 10 and 202.

“We congratulate Atlantic Health System on their continued success and the growth of their business in Morristown,” added Anthony DiTommaso, CEO of Ivy Realty Group. “They have acquired excellent assets that will serve them well.”

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