40 & 50 Union Avenue Medical/Professional Office Campus Leasing Assignment Awarded to Hopkins, Sampson & Brown

Brokerage Firm Focusing on Lease-Up of Newly Renovated Core Buildings

IRVINGTON, N.J. – July 8, 2015 – (RealEstateRama) — Novus Equities, LLC, has named Hopkins, Sampson & Brown (HSB) Real Estate Advisory Services, LLC, as the exclusive leasing agent for 40 & 50 Union Avenue Medical/Professional Campus, the company’s flagship office property in Irvington, N.J. The leasing assignment is being spearheaded by Christian Benedetto, HSB director of the Pine Brook, N.J.-based real estate services firm.

“HSB Advisors’ broad-based expertise in urban office markets, combined with their hallmark diligence and customized marketing programs, gives the 40 & 50 Union Avenue Medical/Professional Office Campus an edge as we proceed with the property’s lease-up efforts,” said Scott Seale, principal of Novus Equities, which acquired the two-building property 18 months ago. “This collaboration aligns well with our hands-on ownership and management philosophy while meeting the needs of our current and prospective tenants.”

Since 1997, Benedetto has been representing commercial real estate clients in the acquisition and disposition of commercial real estate properties, with a specialty in retail and medical office, throughout New Jersey’s urban markets. Last year, he arranged the sale of the Irvington Office Campus to Novus Equities on behalf of the former owner, the Goldman family.

Novus Equities has implemented a $3 million renovation project to reposition the 72,000-square-foot campus, which includes the 50 Union Ave., office tower and adjacent four-story 40 Union Ave. mid-rise building. The medical office campus is located just off Exit143A of the Garden State Parkway, with access to Routes 24, 78, 22, 1 and the New Jersey Turnpike just minutes away.

“While the campus’ exterior façade distinguishes it as the most recognizable Irvington landmark with direct views from the Garden State Parkway, the interior enhancements and amenities are exceptional,” said Benedetto, who cited the new café; a full-service, on-site pharmacy; ample off-street parking facilities; and recently completed conference/meeting center.

As one of New Jersey’s newest premier medical/professional office campuses, the 40 & 50 Union Avenue properties are ideal for non-profit and for-profit healthcare and professional service providers. According to Benedetto, today’s sole practitioners and group-based physician practices generally require less than 5,000 square feet of space. Current availabilities at the Union Avenue Medical/Professional Campus can accommodate up to 10,000 square feet of contiguous space, which can be built-to-suit. “The proximity to major medical centers, including Newark Beth Israel’s renowned cardiac care services, is valued by physicians, their staff and patients alike,” added Benedetto.

For almost three decades, Novus Equities has been “reimagining” New Jersey’s core urban centers by revitalizing neighborhoods and business districts. Through its urban planning, development, leasing and property management initiatives, the privately held Jersey City-based company has repositioned numerous underperforming properties to enhance city landscapes throughout Northern New Jersey. In addition to the 40 and 50 Union Ave., Irvington office properties, the company owns and manages more than 700 market-rate and workforce housing units in Irvington, Elizabeth, Jersey City, Newark, Orange, Passaic, Paterson and West New York.

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Carin McDonald
CMM Strategic Communications
189 Berdan Avenue, #282
Wayne, NJ 07470
Office: 973.513.9580
Mobile: 201.637.7264