696 Palisade Ave. in Teaneck — Courtesy: NAI James E. Hanson
By Joshua Burd
A dental practice will relocate within Teaneck after acquiring a 4,300-square-foot office building in the township, in a deal announced Wednesday by NAI James E. Hanson.
The real estate services firm said it represented Destames Realty LLC in its purchase of the property, which is located at 696 Palisade Ave. The new owner, Dr. Peter Tsatsaronis, will use the first floor of the two-story building as the new home of his dental and prosthodontist practice.
NAI Hanson’s Anthony Cassano handled the assignment. The seller, Eretz Realty, was represented by Russo Real Estate.
Terms were not disclosed.
Cassano touted the building’s location just off Teaneck’s main thoroughfare, Cedar Lane, along with its proximity to Bergen County’s major highways. The property will enable Tsatsaronis to continue to serve his existing patients while also growing his practice.
The building’s entire lower level will continue to be occupied by a CPA firm that is currently leasing the space.
“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.
“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.”
