Morristown Plaza Sold to Pentaurus Properties for $21.5M

Pentaurus Properties has acquired Morristown Plaza, a two-building office complex in Morristown, New Jersey for $21.5 million. The 122,103-square-foot property is located at 161-163 Madison Avenue and boasts 92% occupancy with amenities such as a PNC Bank branch, parking facilities and an amenity center that recently underwent renovations.
Cushman & Wakefield’s Gary Gabriel, David Bernhaut Frank DiTommaso Bill Baunach Maia Sirabian along with support from Andy Schwartz Jordan Sobel Andre Balthazard represented the seller in this transaction.
Austin Rolnick of Pentaurus Properties commented on the acquisition stating “Morristown Plaza was a perfect fit for our portfolio due to its long term value potential and superior location.”