NAI James E. Hanson, a commercial real estate firm based in Teterboro, announced on Thursday it has negotiated a medical office lease extension with St. Joseph’s Hospital and a new lease with Dentistry for Children, both in Clifton.
NAI Hanson’s Randy Horning and Darren Lizzack represented the landlord of 1135 Broad St., First Equity Development Co., in the deals.
St. Joseph’s, which leased 5,050 square feet, was represented by Lee & Associates‘ Peter Rasmusson, Joe Tormen, and Michael Willis. This is one of 28 off-site St. Joe’s locations, each providing care for a wide variety of health conditions.
Dentistry for Children was represented by Masserano Real Estate and Consulting Inc.‘s Joe Lombardi. Previously based in Bloomfield, Dentistry for Children outgrew its old space and was hoping to move into a larger office with modern amenities and more parking.
The three-story, 68,000-square-foot office building has 600 feet of frontage on the Garden State Parkway and is close to routes 3, 19 and 46. Additionally, the building is undergoing capital improvements, including a grab-and-go cafe on the first floor, renovations of the common area hallways and repave the parking lots. The work is expected to be done by the spring.
“Today’s medical office tenants are increasingly recognizing the benefits of locating their practices in highly visible locations featuring other complimentary practices to add convenience for their patients,” Lizzack said. “This has led to a shift away from hospital-centric healthcare clusters as medical office users search for highly visible locations directly in the communities they serve. For medical office tenants that prize patient convenience and ease of access, buildings like 1135 Broad Street continue to present an ideal environment in this new healthcare real estate market.”
The property will have a 7,800-square-foot suite coming online in June.