HFF closes $22.5 million sale of office portfolio

Holliday Fenoglio Fowler, L.P. (HFF) closed the sale of a two-property medical office and office building portfolio totaling 128,000 s/f. The two properties within the portfolio are: 55 Madison and 101 Madison Ave. HFF marketed the assets on behalf of the sellers, a joint venture of Ivy Realty and CenterSquare Investment Management. Atlantic Health System, represented by Colliers International, purchased both buildings for $22.5 million free and clear of any existing debt. 55 and 105 Madison Avenue are located across from the Morristown Memorial Hospital about two miles from downtown Morristown and the Morristown train station, which provides access to New York's Penn Station 25 miles to the east. The property has immediate access to Interstate 287 as well as close proximity to Interstates 80 and 280, and Routes 24, 10 and 202. 101 Madison is a 39,000-square-foot medical office building that was most recently renovated in 2008. 55 Madison was updated in 2009 and consists of an 89,000 square-foot-office building. Major tenants include Regus, Keller Williams, Fresenius Medical Care and BioReference Laboratories. The HFF investment sales team representing the seller was led by senior managing director Jose Cruz, managing director Kevin O'Hearn and real estate analyst Robert Borny.