WOODLAND PARK, NJ-“It takes creativity to structure deals today,” says NAI James E. Hanson's Cheryl Bozzelli, with what might be called understated accuracy, given the still-faint recovery of the state's office market.
She and Darren Lizzack recently exerted what they had to place the Golden Years Adult Medical Day Care Center into the Passaic Valley Medical and Professional Center they are working to lease up here.
Golden Years signed a long-term lease for 16,270 square feet at 1225 McBride Avenue, a two-story office building being repositioned as a "one-shop-stop" medical center. The space is being redesigned to suit Golden Years, which will expand its client roster to 140 from 115 after the move.
“If you can align the interests of the landlord and the tenant, offering fair terms to all parties, transactions can be consummated,” even in a tough market, says Bozzelli.
Lizzack said the tenant's previous landlord had raised rental rates, prompting the search for new space, Lizzack said.
The McBride Avenue building is 44 years old, he said. It originally housed the Kearfott facility and was later used as a research facility for the U.S. Department of Defense. It was previously renovated in 2006.
The building is set n 8.6 acres and offers ample parking, with easy access to Highway 46 and Route 80.
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