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WEST ORANGE, NJ-FirstService Williams has arranged a 12-year, 13,776-square-foot lease for the Urology Group of New Jersey at the Mt. Pleasant Medical complex here. The 11-acre, 106,000-square-foot building is located at 375 Mt. Pleasant Ave. and is owned by 375 Mt. Pleasant Avenue LLC, a joint venture of Hampshire Real Estate Cos. and Paragon Realty Group LLC. Frank Gunsberg, executive managing director at FirstService Williams, advised ownership in the deal, while John Feeney of Studley represented the tenant.

Gunsberg tells GlobeSt.com that the Urology Group of New Jersey is made up of several medical practices that have come together to form a prostate cancer treatment center. The building was attractive to the tenant because of its high ceilings and the large amount of floor space that is on grade, which can therefore accommodate the practice’s heavy equipment, such as a linear accelerator that is used for radiation treatments, he says.Gunsberg declined to give specifics on the rental rate, but says the rent is over $30 per square foot, which is a market rate for new medical space.

The deal also includes an option to buy, another plus for most doctors. “This kind of transaction involves a great deal of capital,” Gunsberg says. “Doctors typically covet ownership over leasing. The idea of moving from one rental location to another is something they are reluctant to do. But if they have the opportunity to buy, they will if it’s the right property.”

The tenant plans to move into the property in November. Mt. Pleasant Medical is located a half-mile from Route 280 and is near the Essex Green Shopping Center.

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