535 East Crescent Ave. in Ramsey — Courtesy: JLL
By Joshua Burd
The owner of some 76,000 square feet of lab, medical and office space off Route 17 in Ramsey is seeking a buyer for the property, according to a brokerage team with JLL.
The building, located at 535 East Crescent Ave., is fully leased with a weighted average lease term of 7.3 years. That space includes a mix of lab facilities and a veterinarian surgical center, JLL said, while TD Bank occupies around 19,000 square feet that will soon be vacant and can be converted to medical or life sciences space.
Jose Cruz, Jeremy Neuer and Bradley Wachenfeld lead the JLL marketing team on the assignment, casting it as “a rare opportunity in Bergen County to acquire a fully occupied, medical and lab building with significant (weighted average lease term) and future upside.” Built in 1985, the 76,272-square-foot property has ceiling heights ranging from 8 to 17 feet and 354 surface parking spaces, with a location that gives tenants access to more than 2 million square feet of retail space within 1.5 miles of the property.
The team noted that 535 East Crescent Ave. will be delivered free and clear of existing debt and comes with the ability to expand the current building by 20,000 square feet, resulting in a total rentable area near 100,000 square feet. And it comes as medical office rents in Ramsey have grown more than 8.5 percent since the start of 2021, with vacancy rates averaging 3.8 percent during the same period.
JLL added that the site is within five miles of the Garden State Parkway, Interstate 95 and Route 202 and two miles from NJ Transit’s Ramsey station. The borough has an average household income of $222,827, with white-collar workers making up 82 percent of the employee base and 73 percent of the population holding a bachelor’s degree or higher.
The brokers also listed JLL’s Max Custer and Blake Goodman as part of the marketing team and are available for financing and leasing support, respectively.
