Paramus, N.J. (October 25, 2022) – NAI James E. Hanson, the largest New Jersey-based full-service independent commercial real estate firm, announces it has negotiated the sale of 10,000 square feet of a medical office condo at 81 Route 4 East in Paramus, N.J. NAI James E Hanson’s Team Lizzack-Horning comprised of Darren Lizzack, MRSE, and Randy Horning, MSRE, represented both the buyer, Teaneck Medical, LLC, and the seller, Sauer Associates, LLC.
Located near the merge of major northern New Jersey roadways including Route 4, Route 17 and the Garden State Parkway, 81 Route 4 East is a four-story, 40,000-square-foot medical office building with ground-level retail. Containing national retailers such as Chipotle and America’s Best Contacts & Eyeglasses, the property features premier visibility and accessibility along Route 4, which sees over 136,000 vehicles per day.
With an increasingly limited supply of high-quality medical office space in northern New Jersey, the seller tapped Team Lizzack-Horning to market the condo and capitalize on the team’s reputation as one of the area’s leading healthcare real estate service providers. The buyer took interest in the condo’s size, location and exposure within a crowded market and plans to open an oral surgery office.
“Accessibility is one of the most important features a prospective buyer is searching for in today’s healthcare market,” said Lizzack. “Post-pandemic, there’s an increased emphasis on location as patients are seeking out healthcare providers that offer easy access to their daily activities. For that reason, sellers of these properties are in a strong negotiating position and we were happy to close a deal that provided value for both parties.”
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 60 deals over the past 22 months totaling more than $96.6 million.