NAI James E. Hanson sold an 8,300-square-foot office building at 133 Cedar Lane in Teaneck to Heichal Hatorah, an Orthodox Jewish school, according to a Monday announcement.
NAI James E. Hanson’s Team Lizzack-Horning, led by Darren Lizzack and Randy Horning, represented the seller, Aham Associates, in the transaction with Heichal Hatorah Inc.
Terms of the deal were not disclosed.
Located across the street from Holy Name Medical Center, the professional office building offers quick access to the New Jersey Turnpike, Interstate 80 and Route 4.
Looking to capitalize on the current low-interest-rate environment, Aham Associates tapped Team Lizzack-Horning to market the property for sale. With a highly visible corner lot and a high level of adaptability, the property immediately generated significant interest from the surrounding community due to the limited supply of properties trading hands in the area.
Heichal Hatorah chose the property for its strategic location, which is less than a quarter-mile from its school, and intends to repurposed it for student housing.
“This property was a hot commodity in Teaneck, and this deal highlights how our approach to marketing can extract maximum value from a wide range of assets for our clients,” Lizzack said. “For now, interest rates remain low enough to keep pricing very competitive in northern New Jersey, so there is no time like the present for those looking to sell or refinance their properties.”
