NAI Hanson Negotiates Long-Term Medical Office Lease with Premier Regional Healthcare System in North Bergen, N.J.

Aug 26, 2020

North Bergen, N.J. (August 26, 2020) – NAI James E. Hanson announces it has negotiated a lease for 2,700 square feet of medical office space at 8305 Bergenline Avenue in North Bergen, N.J. NAI James E. Hanson’s Darren Lizzack, MSRE, and Randy Horning, MSRE, represented the landlord, The Estate of Robert Birns, in the transaction with the tenant, Holy Name Real Estate Group, which was represented by Jonathan Marks of Cresa.

8305 Bergenline Avenue is a four-story, 52,800-square-foot medical and residential mixed-use building in the heart of North Bergen. The building boasts a superior location with easy access to the Lincoln Tunnel, Interstate 95, and Routes 1 and 9, making it ideal for medical office tenants and residents alike.

Previously owned by Dr. Robert Birns, the successful internal medicine and pulmonary practice was acquired by Holy Name Medical Center several ago. Operating as Holy Name Pulmonary Associates, the physician group provides critical care services specializing in pulmonary medicine, internal medicine, and sleep medicine as part of Holy Name Medical Partners and the Harmony Health Network, a clinically integrated network in which physicians work with Holy Name Medical Center to improve quality and efficiency of care.

As the healthcare system looked to optimize their footprint at the building to better fit their needs, NAI James E. Hanson’s Team Lizzack-Horning was brought in by the landlord to negotiate the complex transaction and work with Holy Name Medical Center to ensure that the new lease would benefit both the tenant and the landlord.

Team Lizzack-Horning negotiated a new long-term lease that better streamlined the system’s operations at the building, while allowing the landlord to restructure existing space to create two medical office condos, further enhancing the income producing potential of the property. As the landlord is also currently looking to sell the medical office portion of the building, Team Lizzack-Horning were able to create substantial value for their clients’ existing space and bring a more attractive investment opportunity to the market.

“Despite a broader slowdown in the commercial real estate market, the medical office market continues to see strong demand across northern New Jersey,” said Lizzack. “As a result, it is important for medical office owners to optimize their portfolios to capitalize on what has become a highly lucrative market. This deal showcases how experienced and knowledgeable brokerage teams like ours can work with landlords to find solutions that make the most sense for them and their business goals as they seek to maximize the income producing potential of their properties.”

Made up of Darren Lizzack, MSRE, and Randy Horning, MSRE, Team Lizzack-Horning of NAI James E. Hanson is an expert brokerage team that specializes in healthcare, office and investment property transactions. Named to the 2019 GlobeSt. Healthcare Influencers List, Team Lizzack-Horning has also become one of New Jersey’s most successful healthcare brokerage teams. More than just transaction managers, Team Lizzack-Horning adopts a holistic and analytical approach to real estate and has created a deep network of trusted professionals to help clients navigate the increasingly complex nature of today’s transactions. Together, the team has successfully closed more than 70 deals over the past four years.

For more insights on the healthcare market and a deeper look at the work of Team Lizzack-Horning, please download NAI James E. Hanson’s Q2 2020 Northern and Central New Jersey Medical Office Report, which highlights market trends and key data in the medical office asset class throughout the region.

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