Member News — NAI Hanson’s Horning and Lizzack Negotiate Sale of Medical Office Space in Ridgewood
December 13th, 2018
NAI James E. Hanson, a leading New Jersey-based full-service independent commercial real estate firm, announces it has negotiated the sale of a 9,242-square-foot medical office building at 265 Ackerman Avenue in Ridgewood, N.J. NAI James E. Hanson’s Randy Horning, MSRE, and Darren Lizzack, MSRE, represented the buyer in the transaction.
265 Ackerman Avenue is a two-story 9,242-square-foot medical office building strategically located between Ridgewood, Glen Rock and Fair Lawn with accessibility to Routes 17 and 208. Additionally, the space is located less than a mile from the Ridgewood Station and the Glen Rock-Borough Hall Station, which both offer access to the NJ Transit Bergen County and Port Jervis Lines.
Fully-leased to a wide variety of medical tenants, 265 Ackerman Avenue features ample parking for both tenants and patients. Several updates are also planned to enhance the property within the coming year, including a renovated parking area, a new roof, new façade, HVAC system and lobby area. The buyer will occupy a 3,000-square-foot medical suite on the first floor which will be dedicated to their cardiology practice.
With their current office based in Fair Lawn, they were searching for an opportunity to own a larger, more modern space that also provided room for its successful cardiology practice to grow. The new office in Ridgewood offers proximity to the Fair Lawn office and existing patient base yet will enable the practice to attract new patients and provide care in an accessible, modern building for years to come.
“Heightened demand and a lack of development continue to be barriers to finding well-located quality medical office space in northern New Jersey,” said Horning. “However, as it was critical for the buyer’s to remain in the area, we recognized 265 Ackerman Avenue was ideal for their relocation due to its proximity to their former practice and patient base. Leveraging our experience working in the Bergen County medical office market, we were able to negotiate a deal that helped the practice secure a new long-term home that is large enough to support future growth.”
NAI James E. Hanson’s Team Lizzack Horning recently published their Q3 Medical Office report, which highlights market trends and key data for medical office space throughout northern New Jersey. To stay connected with NAI James E. Hanson and for updates on the latest transactions and news, please follow NAI Hanson on Facebook (www.facebook.com/NAIHanson), Twitter (@NAI_Hanson), Instagram (@nai_hanson) and LinkedIn (www.linkedin.com/company/nai-james-e-hanson).