310 MADISON AVE Morristown NJ 07960-6967

As exclusive agent, Cushman & Wakefield is pleased to offer 100% fee interest in 310 Madison Avenue (the “Property”), also known as Madison Avenue Medical Plaza, for sale. Totaling 58,440 SF, this 3-story medical building is strategically positioned on 4.5 acres within one of NNJ’s most dominant medical corridors and within immediate proximity to Morristown Medical Center - one of NJ’s top-rated medical facilities. The Property will be delivered 100% leased to 13 tenants with various medical practices on-site including neurology, plastic surgery, physical therapy, pain management, and dentistry, among others. Select tenants include Morristown Medical Center Radiology and Barnabas Health Medical Group. The Property features abundant on-site parking (252 spaces) and exceptional visibility with 500 ft. of frontage along Madison Avenue, one of Morris County’s most traveled roadways, and benefits from easy access to I-287 and Rt. 24. Investors will benefit from existing cash flow and the acquisition of a fully stabilized asset located on one of the most prominent medical corridors in Northern New Jersey. Three new leases were signed at the property totaling 21,249 SF. Additionally, two tenants renewed and committed long term to Madison Avenue Medical Plaza, further demonstrating the demand for quality medical space within Morristown. The immediate area surrounding Morristown will greatly benefit from recent major employer commitments. Deloitte, Sanofi, and Valley Bank each opened state-of-the-art office HQ facilities in downtown Morristown (collectively totaling near 500,000 SF), expected to bring over 4,000 employees to the area. These commitments will bring an influx of new employees, residents, and an increased daytime population.

MORRIS COUNTY’S MEDICAL DESTINATION

• Home to Morristown Medical Center - One of NJ’s Top Ranked Hospitals (<1 mile from Property)

• Primary competitive set boasts 99% occupancy rate

• Overall medical submarket vacancy rate of 2.7%

ATTRACTIVE INVESTMENT METRICS

• Proven demand - 3 new leases totaling 21,249 SF

• Recent tenant renewals - JAG Physical Therapy & AHS Hospital renewed for 5 and 10 years, respectively

• Excellent tenant tenure of 10+ years

• Financeable cash flow with future upside

• Recent capital improvements (6 new RTUs + parking area restoration)

SUPERIOR LOCATION & AFFLUENT DEMOGRAPHICS

• Immediate Access to I-287 (Exit 35)

• Avg. HH Income (5-mile radius): $218,528

• 2023 Population (5-mile radius): 124,077

• Nearby Executive Housing Communities (NJ’s Wealth Belt)