Simone Development Companies bought Prospect Plaza at 385 Prospect Ave. in Hackensack, NJ, a three-story, 62,000-square-foot medical office building in close proximity to the world renowned Hackensack University Medical Center. It’s Simone’s first property in Northern New Jersey.

The building is only 52% occupied, but Simone doesn’t expect the building to stay half-empty for long. It is planning an extensive renovation.

“The property at Prospect Plaza presented a unique opportunity to acquire a medical office building in a competition constrained market where existing medical office properties are more than 96% occupied,” said James MacDonald, vice president of leasing for Simone Metro Properties.

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