The Silverman Group is continuing to make gains on its efforts to focus its portfolio, with Cushman & Wakefield announcing the Basking Ridge-based company’s disposition of two medical office buildings for $40.5 million.

The June 12 news comes four days after CushWake revealed it arranged the $21.5 million sale of Morristown Plaza on behalf of the real estate owner, investor, developer and manager.

Located in Essex and Union counties, the properties – which provide medical services including general pediatrics, neurology, dermatology, endocrinology, ophthalmology, plastic surgery, radiology, gynecology and behavioral – were delivered 100% occupied to Nashville-based Montecito Medical Real Estate, according to CushWake.

The properties

• In Livingston, 75 E. Northfield Ave. totals 52,036 square feet. Constructed in 2015, the specialized facility also include a highly trafficked urgent care center, according to the announcement.
• Located directly across from Summit Health’s main campus in New Providence, 890 Mountain Ave. totals 79,278 square feet. Cushman & Wakefield said that the former office building was completely renovated and repositioned for that provider’s occupancy.

Cushman & Wakefield Executive Vice Chairs Gary Gabriel, David Bernhaut and Andy Merin; Executive Director Frank DiTommaso; and Associate Director Max Helfman represented The Silverman Group, in the transaction. Leklen Realty Principal Len Blackman represented Montecito Medical RE, the buyer.

The Silverman Group owns and manages 25 million square feet of predominately industrial space and more than 5,000 multifamily units in 20 states with upward of 10 million  square feet of industrial development in the pipeline.

Montecito’s nationwide portfolio is valued at more than $5 billion, and covering over 35 states. This move marks the firm’s entrance into New Jersey.

In a statement, DiTommaso said the deal was strategic for both the seller and the buyer. “[A]nd we are pleased to have been able to work with all parties involved, including Summit Health, to successfully achieve this goal,” he said “It’s exciting to be able to continue to execute on behalf of The Silverman Group as they expand nationally and focus on growing their industrial and multifamily platforms across the country, while simultaneously bringing new entrants like Montecito into the Northern New Jersey market.”

“With the help of the Cushman & Wakefield team, we are thrilled to be able to enhance our medical real estate portfolio while forging a new relationship with one of the most dominant health care systems in New Jersey,” Chip Conk, CEO of Montecito Medical Real Estate, said in a  statement.

A look at some of Summit Health‘s space

• Health care provider re-signs in Springfield, Larken says
• Summit Health-CityMD open joint Short Hills office
• New medical hub debuts in Clifton hub