400 Franklin Turnpike in Mahwah — Courtesy: NAI James E. Hanson
By Joshua Burd
A physician has found a new home for her practice after purchasing a medical office condominium in Mahwah, according to brokers with NAI James E. Hanson.
The provider, Dr. Laura Randolph, paid an undisclosed price for the 1,212-square-foot unit at 400 Franklin Turnpike, the brokerage team said. She is moving her practice from a nearby location, joining other health care users at the 36,000-square-foot property.
NAI Hanson’s Darren Lizzack and Randy Horning represented the seller, Pondview Medical Center of Ridgewood.
“Despite the emergence of telehealth during the pandemic, this deal reflects physicians’ unquestionable need for physical offices moving forward,” Lizzack said. “Locations like 400 Franklin Turnpike that both ensure improved community access and allow physicians to make an investment into an asset class poised for continued growth and stability will continue to stand out in the months to come.”
In announcing the deal, Lizzack and Horning noted that 400 Franklin Turnpike provides easy access to Route 17 and Interstate 287. They also said the building has property management and maintenance teams that enable physicians to own their spaces without handling time-consuming and labor-intensive property management duties.