Elmwood Park, N.J. (September 19, 2016) – NAI James E. Hanson, a leading New Jersey-based full-service independent commercial real estate firm, announces the brokered sale of a three-story, 13,740-square-foot medical office building located at 97 Linden Avenue in Elmwood Park, NJ. NAI Hanson’s Darren Lizzack and Randy Horning represented the seller, Brook Development, LLC, and the private buyer in the transaction.
The buyer currently occupies the entire first floor of the two-story building and will seek another healthcare provider to lease the available 5,000 square feet of contiguous top floor space.
97 Linden Avenue is located directly off Route-80, providing sign visibility to over 135,000 cars daily. The northern New Jersey location provides quick access to the Garden State Parkway, the New Jersey Turnpike, Routes 17, 21 and 46. Built in 2002, the building features elevators and covered parking to accommodate patients. Additionally, the building is located just miles from St. Joseph’s Regional Medical Center.
“We have handled leasing at this property for a long time and when the seller sought to relieve the asset, the buyer saw a key investment opportunity,” said Lizzack. “We appreciate the seller’s confidence in our team to find a qualified buyer in today’s competitive medical office market.”
“The commercial sales market continues to show signs of strength, mainly due to a low interest rate environment coupled with a limited supply of alternative investments in the market,” said Horning. “There was significant interest in the building, however, properties tend to have more value to a qualified buyer that is also a tenant in the building, which was the case for this transaction.”
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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 375 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.