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The Hampshire Companies and paragon realty group sell state-of-the-art medical office condo at Mount Pleasant Medical

West Orange, NJ - 2013-11-26

The Hampshire Companies, a full-service, private real estate investment firm with equity in assets valued at over $2.5 billion, together with joint venture partner, Paragon Realty Group, arranged the sale of a 13,946 s/f, state-of-the-art medical office condo located within Mount Pleasant Medical. The medical office condo is within the recently redeveloped, class-A medical facility located at 375 Mount Pleasant Avenue. Current tenants include New Jersey Cardiology Associates, Urology Group of New Jersey, Muscio Pain Management, a new surgical center, and a dialysis center.

The Hampshire Companies completed a total transformation of the medical facility in 2010 and continues to see keen interest from the medical community. A large part of Mount Pleasant Medical's appeal is that it meets stringent hospital zoning restrictions with numerous amenities for medical users, including covered parking, multiple at-grade entries, high ceilings, heavy floor loads, high-efficiency individual HVAC systems for each suite, and direct utility metering.

The 113,000 s/f, three-story facility is situated on 11 professionally landscaped acres and offers easy access to area highways including Route 10 and I-280. The building is within walking distance to the Essex Green Shopping Center and offers close proximity to nearby area hospitals including Saint Barnabas Medical Center, Newark Beth Israel, East Orange General Hospital, St. Michael's Medical Center and Mountainside Hospital.

"Mount Pleasant Medical meets the unique needs of today's health care community. It's become the premier state-of-the-art medical facility in Essex County providing physicians and patients with easy access to both the area's hospitals and highways," said Igor Derbaremdiker, a senior investment manager for The Hampshire Companies. "Furthermore, this transaction demonstrates an increase in demand for net leased medical office space of superb quality in a great location near area health systems."