Real Estate

C&W Inks Medical Office Leases in Franklin Lakes

Three new medical office tenants have leased space at Gabrellian Associates’ new mixed-use building at 794 Franklin Ave., announced Jeffrey A. Prezant, senior director of Cushman & Wakefield’s Healthcare Practice Group in East Rutherford.

Metro Eye Care, offering ophthalmology and optometry care, will open its second Bergen County location at 794 Franklin Avenue. Ramsey Sport and Spine, specializing in physical therapy and chiropractic care, will also expand with a second regional location at the property, and Bergen Oral Surgery is relocating one of its offices to the building. As exclusive leasing agent for the property, Prezant represented Gabrellian Associates in these long-term lease transactions. Only one space of approximately 1,500 square feet remains available.

Franklin Lakes Town Square is a 32,500-square-foot, two-story building designed by Dahn & Krieger Architects of Hackensack and is the only new construction in Bergen County to offer a mix of retail and medical tenants, Prezant said. “They have created a building within a building concept, which works really well for the tenants.”

“The design is based on careful study of this market and built to accommodate market needs, with both medical and retail businesses identified as high among those needs,” Prezant said, adding that Cushman & Wakefield Healthcare Practice Group clients span the full range of organizations in the healthcare sector. “This is the only new building that combines the three uses into an integrated retail medical center. Sustained demand shows that Gabrellian Associates and Dahn & Krieger have successfully tapped into the synergy between these sectors.”

Cushman & Wakefield continues to market approximately 1,500 square feet of medical office space at 794 Franklin Ave., with continued healthy interest. The building features a private lobby entrance with a stretcher ready elevator as well as a parking lot for 175 vehicles. Approximately 80% of the 18,500-square-foot retail component has been leased to date.

The property sits at the corner of Colonial Road and Franklin Avenue, and is easily accessible from Route 208 and just minutes from I-287. Tenants also enjoy the exposure of retail building signage and monument signage for medical businesses. It also offers a rooftop garden for the medical space.

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