MEDICAL USERS LEASING MORE RETAIL SPACE IN NEW JERSEY
Medical Sector Utilizes Retail Locations To Get Closer To Patients
PARAMUS, NJ. (JULY 23, 2012) – More medical users are getting closer to their patients by setting-up shop in local retail shopping centers. With retail landlords seeking to lease vacant space and doctors wanting to make it easier for patients to reach them, shopping centers, have become an interesting alternative to a traditional medical building. Shopping centers provide both easy access and great exposure. Medical space has also become very expensive causing some practices to move closer to their patients in retail centers.
“With the healthcare and medical sectors growing expeditiously over the past decades, medical users recognize retail locations are ideal,” stated President Chuck Lanyard of The Goldstein Group. Retail Landlords have become more receptive to medical users.
Several examples of medical users leasing space in retail shopping centers in New Jersey include the following:
Recent Medical Use Transactions
· Valley Health, division of Valley Hospital – Opened an office at Ramapo Plaza, 777 Hamburg Turnpike, in Wayne.
· Dr. Dental – A 30 unit chain out of Massachusetts leased a 1,500 sf store front in the Riverfront Shopping Center at 500 S. River Street, in Hackensack.
· PM Pediatrics –The urgent care specialist for kids, open at nights and weekends, will be opening soon on Route 10 in Livingston.
· Sportscare Institute- A chain of 33 locations opened a 3,000 sf office located at 100 Park Avenue in Hillsdale.
· Bo Orthodontics- Opened a 2,000 sf office located in Northvale Square at 271 Livingston Street in Northvale.
· Doctors Express- A national chain opened another location in West Caldwell, NJ and is in lease negotiations for another North Jersey location.
Major medical institutions have also taken advantage of these retail locations in choosing strategically located sites for new facilities, such as:
· Plainsboro- A 50,000 sf fitness and wellness center is being developed through a joint venture between Fitness and Wellness Professional Services (F&WPS) and the University Medical Center of Princeton. This project is expected to be completed in the fourth quarter of 2012.
· Maywood- A 115,000 sf fitness and wellness center facility, which is in partnership between Hackensack University Medical Center & F&WPS, is being designed and constructed on Route 17 in Maywood.
· Scotch Plains- A 51,570 sf fitness and wellness center is being designed in Scotch Plains through a joint partnership between Robert Wood Johnson University Hospital and F&WPS.
· New Brunswick- A 65,000 sf fitness and wellness center is currently under construction in New Brunswick through a joint partnership between Robert Wood Johnson University Hospital and F&WPS.
“As the market changes, retail landlords are changing to meet the demands of an ever evolving tenant base that now includes medical practices,” noted Mr. Lanyard. “I would expect the trend to continue as other medical users take advantage of market conditions to care for an ever expanding patient base as people are living longer and require more healthcare services and facilities.”
About The Goldstein Group
The Goldstein Group, New Jersey’s leading full-service commercial real estate brokerage firm, specializes in owner representation, retailer representation, investment sales and management services. The firm, founded in 1986, represents over 12,000,000 square feet of retail space and more than 50 national and regional retailers. The Company is the New Jersey member of the Retail Brokers Network. As an RBN affiliate, The Goldstein Group provides clients assistance throughout the United States with qualified retail specialists in over 60 offices nationwide.
For more information on the Retail Brokers Network, visit www.retailbrokersnetwork.com.
For more information, contact Chuck Lanyard, president and director of brokerage services, at 201-703-9700, or visit the Company’s website at www.thegoldsteingroup.com.
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