A rendering of 794 Franklin Ave. in Franklin Lakes — Courtesy: Cushman & Wakefield
By Joshua Burd
A developer has hired Cushman & Wakefield to oversee leasing for 14,400 square feet of medical office space under development in Franklin Lakes, the brokerage said Friday.
In a news release, C&W said the space is part of a mixed-use property currently being built at Franklin Avenue and Colonial Road. The developer and landlord, Gabrellian Associates, expects to deliver the two-story building by the second quarter of 2017.
The property at 794 Franklin Ave. is in the heart of Franklin Lakes’ commercial district, where the developer hopes to attract health care-related tenants serving local and regional clients.
“Bergen County is home to some of the region’s major hospital systems, and northern New Jersey as a whole has emerged as a hub for quality medicine,” said Cushman & Wakfield’s Jeffrey Prezant, who is heading the exclusive leasing agency. “As hospitals continue to establish satellite offices and private healthcare practitioners seek opportunities to improve their accessibility for patients, well-located medical office product in densely populated communities remains in high demand. Such is the case with 794 Franklin Avenue.”
Prezant said the building sits in an affluent community, less than two miles off the Colonial Road exit of Route 208 and minutes from Interstate 287. The space will enable tenants to draw patients from throughout Bergen and Passaic counties and beyond.
The building, which will have ground-floor retail space, will include a private entrance lobby with a medical-size elevator and abundant parking, the news release said. Gabrellian Associates is offering dedicated monument signage on Colonial Road and Franklin Avenue ad building signage opportunities, providing high visibility.
