Transactions highlight continued strong demand for healthcare space in northern New Jersey’s market
Teterboro, N.J. (July 20, 2022) – Andrew Kirshenbaum of NAI James E. Hanson, the largest New Jersey-based full-service independent commercial real estate firm, recently completed over 50,000 square feet of medical space transactions with 10 new lease deals combining for 40,426 square feet and four sales transactions combining for 9,900 square feet. The transactions highlight the robust demand for quality medical office space across the northern New Jersey medical market.
“Northern New Jersey’s favorable demographics and a large number of competing healthcare systems have created what has become one of the nation’s most competitive medical office markets,” said Kirshenbaum. “For landlords and tenants alike, this competitive and crowded market can often be difficult to navigate alone. However, we take great pride in our ability to provide our clients with data-driven counsel to achieve their real estate goals and find success in the current market conditions.”
Highlighting Kirshenbaum’s significant activity was his representation of ChildSmiles FamilySmiles across several transactions. He helped to negotiate the practice’s leases of 12,500 square feet of medical office space at 65 Jefferson Avenue in Elizabeth, N.J., 9,295 square feet of medical office space at 103 Eisenhower Parkway in Roseland, N.J. and its lease of 45 parking spaces at 66-68 Fillmore Street in Newark, N.J. In addition, Kirshenbaum represented Child Smiles FamilySmiles in its purchase of two adjacent lots at 1802-1812 and 1814 W. Tilghman Street in Allentown, Pa. and sale of a 3,700-square-foot professional office building at 45 Bleeker Street in Newark, N.J.
Kirshenbaum also represented Gratitude Homecare in its lease of 2,424 square feet of medical office space at 129 Summit Ave in Summit, N.J. and its lease of 1,700 square feet of medical office space at 47 Maple Street in Summit, N.J.
In addition, Kirshenbaum represented Riverdale Integrative Veterinary Care in its purchase of a 6,200-square-foot medical office building at 82 Newark Pompton Turnpike in Riverdale, N.J. Notable additional leases negotiated by Kirshenbaum include:
Helping Hands Family lease of 4,830 square feet of medical office space at 330 Main Street in Chatham, N.J.
Kaleidoscope Family Solutions lease of 4,000 square feet of medical office space at 2780 Morris Avenue in Union, N.J.
Community Health Law Project lease of 3,466 square feet of medical office space at 65 Jefferson Avenuein Elizabeth, N.J.
An oral surgery practice’s lease of 3,315 square feet of medical office space at 175 Morristown Road in Basking Ridge, N.J.
Karen Glick, Marriage & Family Therapist lease of 1,320 square feet of medical office space at 82 Newark Pompton Turnpike in Riverdale, N.J.