17-17 Route 208 in Fair Lawn — Courtesy: CBRE
By Joshua Burd
Keystone Development + Investment has sold a more than 151,000-square-foot medical and professional office building in Fair Lawn for $22 million, in a deal arranged by CBRE.
The brokerage team represented the seller and procured the buyer, Atkins Cos., noting that the property at 17-17 Route 208 is recently renovated with a new roof, updated common areas and lobby, new elevators and grounds work. The trade also follows a recent lease by Summit Health, which consolidated five area sites and practices at the 151,339-square-foot building.
CBRE’s Jeff Dunne, Doug Rodio, Travis Langer and Dan Blumenkrantz, in collaboration with Brannan Knott and Chris Bodnar of the firm’s U.S. health care capital markets completed the deal. They added that the building sits along Route 208 and is adjacent to the Fair Lawn Promenade.
“With the recent Summit Health lease, 17-17 provides new ownership with stable cash flow and the potential to convert the remaining office space to medical use, given the strong medical market and easy accessibility from affluent neighboring towns such as Franklin Lakes, Ho-Ho-Kus, Ridgewood and Wyckoff,” said Dunne, a vice chairman with CBRE.
In a separate news release, Atkins noted that it immediately completed two deals to fill the previous vacancy. They included a 6,000-square-foot expansion with current tenant Gottlieb & Greenspan LLC, a health care reimbursement law firm, and a new 4,600-square-foot lease with SportsCare Physical Therapy.
“Our acquisition of 17-17 Route 208 reflects our commitment to investing in high-quality, well-located medical office properties that meet the evolving needs of today’s health care providers,” said Cory Atkins, principal of Atkins Cos. “We are excited to bring the building to full occupancy and leverage our relationship-driven approach to ensure a premier experience for our tenants and their patients.”
