Teaneck, N.J. (May 2, 2018) – NAI James E. Hanson announced it has negotiated the sale of a 4,300-square-foot professional office building located at 696 Palisade Avenue in Teaneck, N.J. NAI James E. Hanson’s Anthony Cassano represented the buyer, Destames Realty LLC, in the transaction. The seller, Eretz Realty, was represented by Russo Real Estate.
696 Palisade Avenue is a two-story, 4,300-square-foot professional office building located just off of Teaneck’s main thoroughfare, Cedar Lane. The new owner, Dr. Peter Tsatsaronis, will utilize the first floor of the space to relocate his successful dental and prosthodontist practice from a smaller space in Teaneck. The building’s location in central Bergen County with proximity to several major highways and ample parking will enable Dr. Tsatsaronis to continue to serve his existing patients while attracting new patients to his growing practice. The building’s entire lower level will continue to be occupied by a CPA firm that is currently leasing the space.
“As interest rates continue to hover around historically low numbers, we have seen a rise in business owners looking to purchase spaces as long-term homes for their businesses,” said Cassano. “This buyer recognized the advantages of relocating his dental practice to a larger space while also securing long-term ownership of the building. We were able to leverage our substantial experience in office sales to negotiate a deal on behalf of our client that resulted in acquiring the space at a fair market value while also positioning the asset as a strong long-term investment for Dr. Tsatsaronis’ growing practice.”