833-837 Franklin Ave. in Franklin Lakes — Courtesy: NAI James E. Hanson
By Joshua Burd
A developer has acquired two-thirds of an acre in Bergen County, where it’s now planning a medical office building aimed at capturing the growing demand for health care space.
Brokers with NAI James E. Hanson represented the buyer, Lenny Turi, who paid an undisclosed sum for the property at 833-837 Franklin Ave. in Franklin Lakes. The firm also represented the seller, William Vermeulen, in the deal at the intersection of Interstate 287 and Route 4.
“The maturity and density found in the northern New Jersey market continues to make it difficult for buyers to find well-priced and adaptable development sites in the area,” said NAI Hanson’s Anthony Cassano, who completed the assignment alongside Ken Lundberg. “However, a deal like this continues to prove why local brokers with local connections can make all the difference for buyers hoping to identify and acquire suitable development sites as well as for sellers hoping to attract fair market value for their assets.”
In a news release, the firm said the 0.65-acre development site is zoned for a mix of uses including medical, bank and retail space, with the ability to accommodate a 4,200-square-foot, two-floor building or a 2,800-square-foot single-story building. The parcel also boasts a strong location across the street from the Stop & Shop-anchored Franklin Crossing Shopping Center.
Turi’s firm, L&L Builders and Developers of New Jersey, has been active in residential and commercial construction since 1990, the news release said. He now plans to capitalize on the site’s location and the deep demand for purpose-built, health care-oriented spaces.