Real Estate Journal — Owners, Developers & Managers — March 29 - April 11, 2019 — 19B


M id A tlantic

O wners , D evelopers & M anagers Bringing the property to more than 95% leased

Simone Metro Properties’ MacDonald completes two medical leases at 385 Prospect Ave., Hackensack


s/f at 385 Prospect Ave. The tenant was attracted to the property due to its convenient location, outstanding services and amenities and proximity to other medical practices. NJRetina, which operates 15 clinical sites throughout New Jersey, is planning a Spring 2019 opening. In the second deal, Dr. Victo- ria Kushensky, DDS of Garden State Dental has leased 4,826 s/f of space for the expanding practice’s third location, and second within the Simone De- velopment portfolio. Simone Development, a full-service real

estate development company, is providing interior construc- tion services for the new office, which is also expected to open in the Spring of 2019. James MacDonald , vice president/director of leasing for Simone Metro Properties, arranged the leases, which brings the property to 95% oc- cupancy. In addition to the new occupants, a diverse group of medical tenants including the New Jersey Imaging Network, Metro Vein, Quest Diagnostics and Hackensack University Medical Center are now open for business at the property. 

ACKENSACK, N J — Simone Develop- ment Companies ,

one of the leading investors and developers of medical office and healthcare properties through- out New York, New Jersey and Connecticut, has completed two new leases of medical office space at 385 Prospect Ave. in Hackensack, bringing the prop- erty to more than 95% leased. Simone Development ac- quired the property in the first half of 2017 and has reposi- tioned the asset and invested in a multi-million-dollar reno- vation, including new lobbies, common areas, façade work and energy management up- grades to bring the asset up to the quality standards the com- pany is known for throughout its portfolio of medical office properties. In the most recent deals, NJRetina, a full-service eye-care practice providing patients with world-class treatment for retinal and vitreous disorders, signed a long-term lease for 4,072 Stro acquires a two- property portfolio totaling 100,000 s/f in Woodland Park WOODLANDPARK, NJ — The Stro Companies (Stro) have closed on +/-100,000 s/f industrial portfolio in Wood- land Park. Stro continues its acqui- sition spree, purchasing its third property in the past nine months. Despite the popularity of the industrial asset class due to e-commerce and the “Ama- zon effect,” Stro continues to close deals and are the most active private buyer in North- ern NJ. As investors continue to seek out strategic industrial acquisitions in Northern NJ, The two-property portfolio con- sists of 25 Andrews Dr. and 228 Lackawanna Ave. “This purchase allowed us to acquire two well located properties in our core market that align perfectly with our portfolio. We were able to pur- chase the properties at a very attractive basis. This is a very challenging market to acquire properties at values that make sense. We were able to check many boxes including strong investment return, high-qual- ity construction and desirable location,” said ToddMinerley , director of acquisitions and leasing for Stro. 

385 Prospect Ave.

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