Franklin Lakes, N.J. (November 2, 2020) – NAI James E. Hanson announces it has negotiated the sale of a 0.65-acre development site at 833-837 Franklin Avenue in Franklin Lakes, N.J. NAI James E. Hanson’s Anthony Cassano and Ken Lundberg, SIOR, represented the seller, William Vermeulen, and the buyer, Lenny Turi, in the transaction.
Situated at the intersection of Interstate 287 and Route 4, the development site at 833-837 Franklin Avenue is zoned for a variety of uses including medical, bank and retail and can accommodate a 4,200-square-foot two-floor building or a 2,800-square-foot single-story building. The parcel also boasts a tremendous location across the street from the Stop & Shop-anchored Franklin Crossing Shopping Center.
Since 1990, Turi’s firm, L&L Builders and Developers of New Jersey, has been one of the region’s premier residential and commercial construction firms with a focus on the highest quality construction and attention to detail. Turi plans to tap into the tremendous location and adaptability of the site as well as the deep demand for purpose-built healthcare-oriented spaces in the market to construct a medical office building.
“The maturity and density found in the northern New Jersey market continues to make it difficult for buyers to find well-priced and adaptable development sites in the area,” said Cassano. “However, a deal like this continues to prove why local brokers with local connections can make all the difference for buyers hoping to identify and acquire suitable development sites as well as for sellers hoping to attract fair market value for their assets.”.