By Ariela Moraru
Simone Development Cos. has made its first in-road into Northern New Jersey with the acquisition of Prospect Plaza in Hackensack, a 62,000-square-foot medical office building. The company plans an extensive upgrade of the property, which was acquired in a bank auction and was 52 percent occupied at the time of the transaction.
Located at 385 Prospect Ave. on 1.6 acres, the three-story asset houses a medical tenant mix, including the New Jersey Imaging Network, and features more than 200 parking spots. The renovation of the property, which was built in 1983 includes, new lobbies, common areas, façade work and energy-efficient improvements. Joseph Simone, president of Simone Development, and Joseph Deglomini Jr., a principal with the firm, arranged the acquisition.
The facility is less than one mile from Hackensack University Medical Center and the Anderson Street NJ Transit station and offers excellent accessibility to Interstate 80, routes 17 and 4, the Garden State Parkway and Interstate 95/NJ Turnpike. The property is located in an area with a population of 43,500 and an average household income of $65,662, according to Commercial Café.
“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 percent occupied,” said James MacDonald, vice president of leasing for Simone Metro Properties, in prepared remarks. “The building is complimented by surrounding medical offices, senior living communities and other health care specialists, and Hackensack has experienced a surge in multifamily development over the past five years, increasing the need for health care services in the area.”
Simone Development Cos. is also redeveloping two 95,000-square-foot buildings for medical use in Greenlawn, N.Y., for Mount Sinai Doctors Long Island.
Image courtesy of Simone Development Cos.