A Teaneck professional office building has been sold, according to real estate services firm NAI James E. Hanson.
The 4,300-square-foot property, at 696 Palisade Ave., was sold by Eretz Realty to Destames Realty LLC. NAI Hanson’s Anthony Cassano represented the buyer, while Russo Real Estate represented the seller.
“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,” Cassano said in a prepared statement. “This buyer recognized the advantages of relocating his dental practice to a larger space, while also securing long-term ownership of the building.”
The new owner, Dr. Peter Tsatsaronis, will use the first floor for his dental and prosthodontist practice, NAI Hanson said, expanding from a smaller Teaneck location. The other floor will remain occupied by a CPA firm that is leasing the space.
“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,” Cassano said.
Financial terms of the deal were not disclosed.