Site Being Redeveloped Into a Multi-Service Medical Office Center
CBRE today announced the sale of a vacant property at 757 Route 15 in Jefferson Township, Morris County, New Jersey. Originally housing a Pathmark grocery store, the site is being redeveloped into a Class A multi-service medical office center. The property was acquired by 757 Route 15 Realty, LLC for $1,866,000.
The CBRE team of Thomas Mallaney and Denise Kokulak represented the buyer in the negotiations with the seller, Jefferson Sebastian-Parsippany, LLC.
“The new owner was attracted to the asset due to its ideal location at a traffic light with frontage on Route 15 South and the opportunity to redevelop the site for medical use to service the growing Jefferson Township/Sparta region,” said Mallaney. “When the project is completed, it will be a central location servicing the entire North Morris, Lake Hopatcong and Sussex County area.”
Andrew Billing, with the new owner, noted that, “Tom’s efforts were critical in the acquisition of 757 which culminated a three year search for a northern Morris County location.”
Situated on eight-acres, it is anticipated that completion will be in the summer of 2020.
CBRE today announced the sale of a vacant property at 757 Route 15 in Jefferson Township, Morris County, New Jersey. Originally housing a Pathmark grocery store, the site is being redeveloped into a Class A multi-service medical office center. The property was acquired by 757 Route 15 Realty, LLC for $1,866,000.
The CBRE team of Thomas Mallaney and Denise Kokulak represented the buyer in the negotiations with the seller, Jefferson Sebastian-Parsippany, LLC.
“The new owner was attracted to the asset due to its ideal location at a traffic light with frontage on Route 15 South and the opportunity to redevelop the site for medical use to service the growing Jefferson Township/Sparta region,” said Mallaney. “When the project is completed, it will be a central location servicing the entire North Morris, Lake Hopatcong and Sussex County area.”
Andrew Billing, with the new owner, noted that, “Tom’s efforts were critical in the acquisition of 757 which culminated a three year search for a northern Morris County location.”
Situated on eight-acres, it is anticipated that completion will be in the summer of 2020.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2018 revenue). The company has more than 90,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 480 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2018 revenue). The company has more than 90,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 480 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
