Coldwell Banker Commercial Realty Closes $2.625M Deal For Healthcare Facility Near Morristown Medical Center
MORRISTOWN, N.J. (May 5, 2025) – Coldwell Banker Commercial Realty is pleased to announce the sale of an approximately 13,725 square-foot medical condo building on a 2.52-acre lot in Morristown. Positioned at a prime location near Morristown Medical Center and close to Routes 202 and 287, the property closed for $2,625,000.
Ajay Jasti of Coldwell Banker Commercial Realty represented the buyer, PPMK Properties, LLC. The Cafiero Team of Marcus & Millichap represented the undisclosed seller. The healthcare facility at 1201 Mt Kemble Ave. is a majority condominium interest (73%) with four medical tenants.
According to Jasti, his client and the seller initially came to impasse over price, causing the potential deal to remain dormant for two months. "Despite this setback, our team remained committed to pursuing the seller and buyer, demonstrating unwavering persistence," said Jasti.
After two months of renewed efforts and strategic negotiations, both the seller and buyer reached an agreement on the price. This breakthrough marked the beginning of a new phase in the deal, which took an additional four months to finalize.
“The successful conclusion of this deal underscores the importance of persistence, effective negotiation, and building trusted relationships with customers in the real estate industry. Moreover, the great cooperation between the buyer and seller agents played a crucial role in closing this deal. Their trusted collaboration ensured smooth communication and facilitated the agreement, showcasing the significance of teamwork and mutual trust in achieving successful outcomes,” Jasti said.
About Coldwell Banker Commercial Affiliates
Coldwell Banker Commercial Realty, an affiliate of Coldwell Banker Commercial®, provides commercial real estate solutions serving the needs of owners and occupiers in the leasing, acquisition and disposition of all property types. With a collaborative network of independently owned and operated affiliates, the Coldwell Banker Commercial organization comprises almost 200 companies and more than 3,000 professionals throughout the U.S. and internationally. For additional information, visit www.cbcworldwide.com.
Media Contact: Kevin J. Guhl, kevin.guhl@cbrealty.com 973-407-5916
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