Andrew Kirshenbaum of NAI James E. Hanson 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 health care systems have created what has become one of the nation’s most competitive medical office markets,” Kirshenbaum said.
“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 Ave. in Elizabeth, 9,295 square feet of medical office space at 103 Eisenhower Parkway in Roseland and its lease of 45 parking spaces at 66-68 Fillmore St. in Newark.
In addition, Kirshenbaum represented ChildSmiles FamilySmiles in its purchase of two adjacent lots in Allentown, Pennsylvania, and sale of a 3,700-square-foot professional office building at 45 Bleeker St. in Newark.
Kirshenbaum also represented Gratitude Homecare in two leases in Summit: 2,424 square feet of medical office space at 129 Summit Ave. and 1,700 square feet of medical office space at 47 Maple St.
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.
Notable additional leases negotiated by Kirshenbaum include:
- Helping Hands Family’s lease of 4,830 square feet of medical office space at 330 Main St. in Chatham;
- Kaleidoscope Family Solutions’ lease of 4,000 square feet of medical office space at 2780 Morris Ave. in Union;
- Community Health Law Project’s lease of 3,466 square feet of medical office space at 65 Jefferson Ave. in Elizabeth;
- An oral surgery practice’s lease of 3,315 square feet of medical office space at 175 Morristown Road in Basking Ridge;
- Karen Glick, Marriage & Family Therapist’s lease of 1,320 square feet of medical office space at 82 Newark Pompton Turnpike in Riverdale.