NAI James E. Hanson said Thursday that it negotiated the sale of a 10,000-square-foot medical office condominium at 81 Route 4 E. in Paramus to PANJ-AAB Holdings, a privately held investment company.
Hanson’s Team Lizzack-Horning, led by Darren Lizzack and Randy Horning, represented the seller, Sauer Associates II LLC, in the sale.
The three-story freestanding building at 81 Route 4 E. has 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.
Paramus-based PANJ-AAB Holdings’ familiarity allowed 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 E., 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,” Horning said. “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.”