Newmark Associates' Debbie Myers, executive vice president, represented the tenant in the transaction, while Weichert Commercial Brokerage represented the landlord, Berkeley Heights Plaza, LLC. Newmark did not respond to rental rate requests by deadline, but according to a third quarter office report from FirstService Williams, average asking rents in Union County are $24.04. The county also boasts one of the lowest vacancy levels at 19.76%.
"The location of the building, within walking distance to the Berkeley Heights train station, offers access on a well-traveled street within Berkeley Heights," Myers tells GlobeSt.com. "The space also features on-site parking, which is a major advantage for a high-traffic, downtown location. We were able to put together two units for the tenant, giving them ample office space for their business needs."
This deal comes on the heels of a roughly $100,000 capital improvements program at 90 Millburn Ave. in Millburn, which was overseen by Newmark's healthcare division, working on behalf of building owner the Feil Organization.
The assignment was led by Newmark vice president Judith Tell Feldman, who heads the company's healthcare division. "By establishing a division dedicated to the healthcare industry, we are able to identify, manage and implement creative and results-oriented solutions for the region's medical office properties," she tells GlobeSt.com.
"At 90 Millburn, we were able to highlight the existing advantages of the property--including its strategic location close to the main road and proximity to several local hospitals--and identify areas that needed improvement," Feldman continues. "The result has been an uptick in leasing activity, with more than 5,000 square feet recently leased and additional leases pending."
Capital improvements at the building included refurbishing public spaces both in and outside of the building, adding awnings and updating the exterior to draw attention to its location, enlarging signage for increased visibility from the street and improving the landscape to better showcase the building.
At Newmark's suggestion, the owner also undertook an expansion and improvement of the existing parking lot, which has 86 parking spaces, creating a more patient-friendly rear entrance with automatic doors and a "No Smoking" zone outside.
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