A 13,725-square-foot medical condo building on 2.52 acres in Morristown sold for $2,625,000. Located at 1201 Mt Kemble Avenue, close to Morristown Medical Center, the property was purchased by PPMK Properties, LLC from an undisclosed seller. The buyer now has a 73% ownership stake in the healthcare facility, which houses four medical tenants.
Ajay Jasti of Coldwell Banker Commercial Realty represented the PPMK, while Marcus & Millichap’s Cafiero team worked on behalf of the seller. Per Jasti, the deal came to a halt over price, and the potential sale sat dormant for two months.
“Despite this setback, our team remained committed to pursuing the seller and buyer, demonstrating unwavering persistence,” said Coldwell’s Jasti.
When negotiations resumed it took two more months for both parties to come to an agreement on price. Once they had a deal in place, four more months passed before the transaction was finalized.
“The successful conclusion of this deal underscores the importance of persistence, effective negotiation, and building trusted relationships with customers in the real estate industry,” continued Jasti. “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”.
