97 Linden Ave. in Elmwood Park – Courtesy: NAI James E. Hanson
By Joshua Burd
A three-story, 13,740-square-foot medical office building in Elmwood Park has changed hands under a deal orchestrated by NAI James E. Hanson.
In a news release, the commercial real estate firm said Brook Development sold the building at 97 Linden Ave. to a private buyer. NAI Hanson’s Darren Lizzack and Randy Horning represented both parties in the deal.
The Hackensack-based firm did not disclose the sale price.
“We have handled leasing at this property for a long time and when the seller sought to relieve the asset, the buyer saw a key investment opportunity,” Lizzack said. “We appreciate the seller’s confidence in our team to find a qualified buyer in today’s competitive medical office market.”
The buyer currently occupies the entire first floor of the building and will seek another health care provider to lease the available 5,000 square feet of contiguous top floor space, the news release said. The 14-year-old office sits directly off Route-80 and has quick access to the Garden State Parkway, the New Jersey Turnpike and routes 17, 21 and 46.
It also is located just miles from St. Joseph’s Regional Medical Center.
“The commercial sales market continues to show signs of strength, mainly due to a low interest rate environment coupled with a limited supply of alternative investments in the market,” Horning said. “There was significant interest in the building, however, properties tend to have more value to a qualified buyer that is also a tenant in the building, which was the case for this transaction.”
