Paramus, N.J. (May 16, 2022) – NAI James E. Hanson, the largest New Jersey-based full-service independent commercial real estate firm, announces it has negotiated the sale of a 10,000-square-foot medical office condominium at 81 Route 4 East in Paramus, N.J. NAI James E. Hanson’s Team Lizzack-Horning led by Darren Lizzack, MSRE, and Randy Horning, MSRE, represented the seller, Sauer Associates II LLC, in the sale to PANJ-AAB Holdings LLC.
Strategically situated on the busy Route 4 corridor between the Route 17 and Spring Valley Road interchanges, 81 Route 4 East is a three-story freestanding building with retail units on the first floor, and office condominium space on the second and third floors. With its location in the heart of Paramus’ Route 4 retail corridor, and with proximity to three major medical centers, the property is ideally suited for medical office space. The well-maintained property features high visibility, on-building signage potential and ample on-site parking, in addition to superior accessibility to major transportation arteries such as Routes 17 and 208 and the Garden State Parkway.
The buyer, PANJ-AAB Holdings, is a privately held investment company located in Paramus. Their familiarity with the area helped them to see the value-add opportunity to market the space for medical office use. Leveraging their extensive market knowledge, Team Lizzack-Horning was able to efficiently complete the transaction to enable the buyer to quickly begin marketing and leasing the 10,000-square-foot office condo in the space.
“The market for well-located, flexible and convenient medical office space in the Bergen County area continues to be very strong. The location of 81 Route 4 East, essentially surrounded by Hackensack University Medical Center, Holy Name Medical Center, Englewood Medical Center and the John Theurer Cancer Center, makes it an ideal location for complimentary tenants,” said Horning. “We are always looking for ways to leverage our market expertise to help our clients find value opportunities and to take advantage of market dynamics.”
Founded in 2014, Team Lizzack-Horning is an expert brokerage team that specializes in healthcare, office, and investment property transactions. Leveraging a holistic and analytical approach to working with clients, Team Lizzack-Horning’s expertise and experience are augmented by a trusted network of real estate service providers that help clients of any size navigate an increasingly complex healthcare real estate transaction process. Together, the team has successfully closed more than 140 deals over the past eight years.