Demand Spikes at Mount Pleasant Medical with Sale of State-of-the-Art Medical Office Condo to The Urology Group of New Jersey

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Recently Redeveloped State-of-the-Art Medical Facility is a Joint Venture of The Hampshire Companies and Paragon Realty

The Hampshire Companies, a full-service, private real estate investment firm with equity in assets valued at more than $2 billion, together with joint venture partner, Paragon Realty, have announced the sale of a 13,776-square-foot state-of-the-art medical office condo located within Mount Pleasant Medical. The medical office condo was one of the remaining available spaces within the recently redeveloped, Class-A medical facility which is located at 375 Mount Pleasant Avenue in West Orange, N.J. The sale was made to the Urology Group of New Jersey, one of the largest private urology practices in northern New Jersey offering comprehensive urologic care.

The Hampshire Companies completed the total transformation of the medical facility in September 2010. Mount Pleasant Medical has been redeveloped to meet stringent hospital zoning restrictions and includes numerous amenities for medical users including covered parking, multiple at-grade entries, high ceilings, heavy floor loads, high-efficiency HVAC and individual unit electrical metering. The property also features a new curtain wall and brick facade, a new atrium lobby and common areas as well as enhanced landscaping.

The 106,000-square-foot facility is situated on 11 acres and is conveniently located a half mile from I-280 at Prospect Avenue and is within walking distance to the Essex Green Shopping Center. The building also features close proximity to area hospitals including Saint Barnabas Medical Center, East Orange General Hospital, St. Michael’s Medical Center and Mountainside Hospital.

“We saw the demand for medical office space as an opportunity to provide physicians with premier space options that benefit both their practices and their patients. With amenities specifically tailored to today’s physicians and a convenient location, Mount Pleasant Medical is the ideal space for physicians and is unlike any other in Essex County,” said John Dalton, an Asset Manager of The Hampshire Companies.

With 50 percent of the condos sold, the limited remaining space includes a 31,000-square-foot full floor suite that offers magnificent views and the convenience of entrance level parking just outside the condo’s door. Units as small as 1,000 square feet, featuring high ceilings and heavy floor loads, are also available. Colliers International NJ is actively marketing the building with Frank Gunsberg as the exclusive broker. For more information on the property or its available space please call 973-299-3000.

About the Hampshire Companies
The Hampshire Companies is a full-service, private real estate investment firm based in Morristown, New Jersey. The Hampshire Companies is a vibrant, dynamic organization that combines creative vision and superior execution, thereby enabling it to create and enhance value in real estate investments. Additional information on the Hampshire Companies is available online at http://www.hampshireco.com.

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Angeline Boyer
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