The Hampshire Companies, a full-service, private real estate investment firm with equity in assets valued at over $2.5 billion, and NAI James E. Hanson, a leading New Jersey-based commercial real estate firm, have announced the sale of two medical office buildings totaling 32,081 square feet located at 200 and 214 Engle Street in Englewood, N.J., to JZ Property, LLC. Cheryl Bozzelli and Michael Walters of NAI James E. Hanson represented The Hampshire Companies in the transaction. The buyer was represented by Adam Plawker of Plawker Commercial Real Estate.
Conveniently located at the intersection of Engle Street and Chestnut Street, the buildings are just a half mile from Englewood Hospital and Medical Center, a 547-bed teaching hospital associated with Mount Sinai School of Medicine, and the largest voluntary acute care hospital in Bergen County. The property offers approximately 60 parking spaces, a rare commodity among similar buildings within the Englewood Central Business District. At the time of the sale, the buildings were 81 percent leased to a number of physician practices and medical tenants.
Plawker Commercial Real Estate will be the Leasing Agent for the new owner, JZ Property LLC. “200-214 Engle Street is a natural fit for the new owner’s real estate portfolio,” said Plawker. “Many of the tenants have been there for years. We think it’s a stable asset in a fantastic location with upside potential; it makes sense.”
“The building’s ideal location within walking distance of Englewood Hospital and Medical Center made this an attractive investment opportunity,” said Patricia Krasowski, a Senior Investment Manager for The Hampshire Companies. “The existing medical tenant base and ample parking space additionally enhanced the property’s appeal.”
“The two medical office buildings created a desirable niche within the immediate area and drew a lot of interest given their proximity to Englewood Hospital and Medical Center,” said Bozzelli. “The lease space directly competed with the residential-turned-commercial homes that line Grand and Engle Streets but affords the tenants a professional office environment with convenient parking for patients.”
About The Hampshire Companies
The Hampshire Companies is a full-service, private real estate firm based in Morristown, New Jersey. The Hampshire Companies is a vibrant, dynamic organization that combines creative vision and superior execution, thereby enabling it to create and enhance value in real estate investments. Additional information on The Hampshire Companies is available online at HampshireRE.com.
About NAI James E. Hanson
Since 1955, NAI James E. Hanson has been a leading independent full-service brokerage commercial real estate and property management firm serving a diverse client list. NAI Hanson offers its clients strategic solutions and provides comprehensive value-added services such as office, industrial and retail brokerage, investment sales, land sales, management, government services and financing expertise.
NAI Hanson is also one of the original members of NAI Global, an international commercial real estate network with over 350 offices spanning the globe. For more information on NAI James E. Hanson, contact William C. Hanson, SIOR, at the company’s Hackensack office at 201-488-5800 or visit www.naihanson.com.
About Plawker Commercial Real Estate
Plawker Commercial Real Estate, A division of Plawker Real Estate, Inc. is a full service commercial real estate company, specializing in office leasing and sales, retail, industrial, and property management. Our professionals focus on Northern New Jersey and lower Rockland County, NY. Since 1991 we have become known and respected as a leading provider of full service corporate real estate services because of our hands on approach and for our community involvement. We thoroughly understand our local markets and the businesses and decision-makers within them.
R&J Public Relations
Ryan Smith (NAI James E. Hanson)