The HFF team marketed the property with Transwestern on behalf of the seller, Cornerstone Family Programs, and procured the private buyer.
62 Elm Street is located in downtown Morristown within walking distance of numerous retail options, the town Green, restaurants, and the Morristown Train Station, which offers express service to New York City. Additionally, the property is one-quarter of a mile from Exit 36 of Interstate 287. Completed in 2006, the three-story boutique building features an attractive brick façade, flexible floorplates for single- or multi-tenant use and 40 on-site parking spaces. The property was home to not-for-profit Cornerstone Family Programs, which will be consolidating with its affiliate, Neighborhood House, in a new Morristown location.
The HFF investment advisory team representing the seller included managing director Kevin O’Hearn, director Marc Duval, senior managing director Jose Cruz and senior directors Michael Oliver and Stephen Simonelli. Transwestern’s team was led by Dan Ligorner and Jim Postell.
“Not only was it great to sell a boutique, downtown asset in the highly desirable Morristown submarket, but very rewarding to successfully transact for a notable not-for-profit organization such as Cornerstone,” O’Hearn stated.
Ligorner added, “As Morristown continues to flourish as a business and cultural hub, the opportunity to play a role in the evolution of an organization as deeply entrenched and valued in the community as Cornerstone is gratifying. The transaction underscores the broadening demand for quality in downtown Morristown, as well as the additive value of the HFF/Transwestern partnership.”