A development site in Franklin Lakes has been sold, according to real estate firm NAI James E. Hanson, with the new owner planning a medical office building.
The property, 0.65 of an acre at 833-837 Franklin Ave., was sold by William Vermeulen to Lenny Turi of L&L Builders and Developers, NAI Hanson said in a news release.
The site is zoned for multiple commercial uses, and can accommodate a 4,200-square-foot, two-story property, or a 2,800-square-foot, one-story building. Turi intends to build a medical office on the property, NAI Hanson said.
The firm’s Anthony Cassano and Ken Lundberg represented both the seller and the buyer in the transaction.
“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,” Cassano said in a prepared statement. “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.”