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Deals & Dealmakers

NJ medical hub attract two more tenants

JLL announced it has arranged two new medical office leases at 160 Summit Ave., a 32,000 square feet office building situated at the heart of a growing medical hub in Montvale, NJ.

160 Summit Ave. is a two-story building acquired by locally based Montvale Real Estate Ventures, LLC, in September 2021, in a transaction also arranged by JLL. The new ownership, which operates multiple Montvale medical locations, has launched an extensive renovation of the property and retained JLL as exclusive leasing agent.

 The renovation will include upgrades to all common areas and restrooms, ADA accessibility, landscaping and high visibility signage. The improvements and concierge service management will establish the property as a prominent, standalone location.

In the first new lease since the acquisition, Refuah Health Center, Inc., a premier multispecialty medical group with several locations in New York’s Rockland and Orange counties, will open its first New Jersey location at 160 Summit Ave.. Refuah signed a 10-year lease for 4,500 square feet on the second floor of the property. Also, Empowered Pelvic Health, LLC, which provides expert care in pelvic floor dysfunction, postpartum rehabilitation and orthopedics, signed a 10-year lease for approximately 2,000 square feet on the second floor.

JLL executive managing director Frank D. Recine represented the landlord in the transactions. Refuah Health Center was represented by Diana Kadan, of Keller Williams Hudson Valley.

 “We are delighted to welcome these two new tenants to 160 Summit Ave. as ownership continues to move forward with its goal of creating an environment where tenants can thrive,” said Recine.  “The property is ideally located minutes from the Garden State Parkway and the New York State Thruway and part of an exciting new medical hub that is attracting leading healthcare providers from across the region. Combined with hands-on local management, the property is well positioned to attract tenants seeking highly accessible suburban office space with a focus on medical services.”

160 Summit Ave. is just west of North Market and The Shoppes at DePiero Farm, a nearly 60-acres redevelopment of the former Mercedes headquarters complex that will include 308 apartments, 40,500 square feet of boutique office space and 94,500 square feet of retail space.

Montvale is located in Bergen County and served by the Pascack Valley passenger rail line, which connects the borough to Spring Valley, New York, and Hoboken, New Jersey. The property is surrounded by multiple healthcare and senior living providers including, Thrive Assisted Living, Memorial Sloan Kettering, Rothman Orthopedics, Hackensack Meridian and Valley Health, which recently announced plans for a new 60,000 square feet medical office building at North Market.

160 Summit Ave. has maintained a consistently strong occupancy by tenants ranging from finance and legal companies to apparel and medical services.  JLL is currently marketing availabilities ranging from 1,000 to 7,999 square feet in the building.

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