Pentaurus Properties Buys Morristown Plaza for $21.5M
Silverman Group has sold Morristown Plaza, a two-building office complex in Morristown, New Jersey, to Pentaurus Properties for $21.5 million.
Located at 161-163 Madison Avenue, the 122,103-square-foot property is 92% leased. It offers amenities such as a PNC Bank branch, parking facilities, and a recently renovated amenity center.
Cushman & Wakefield’s Gary Gabriel, David Bernhaut, Frank DiTommaso, Bill Baunach and Maia Sirabian, with support from Andy Schwartz, Jordan Sobel and Andre Balthazard, represented the seller.
“Pentaurus remains focused on acquiring assets that have long-term value and superior locations,” said Austin Rolnick of Pentaurus Properties. “Possessing both of these attributes, with the ability to improve the asset, made Morristown Plaza a perfect fit for our portfolio.”
Emily Fu is Content Director of Connect Commercial Real Estate, where she covers the east coast markets, including New York, Boston & New England, and DC & Mid-Atlantic markets. She produces daily news stories as well as longer-form content, ranging from Q&As to thought-leadership pieces. She also writes feature stories for Connect Money.
With previous stints at Reuters, Seeking Alpha, and Commercial Observer, Emily has covered the finance side of the commercial real estate industry, technology, media, telecom (TMT), and fashion. She attended the Columbia Graduate School of Journalism and currently resides in Manhattan.