354 Route 206 in Flanders — Courtesy: NAI James E. Hanson
By Joshua Burd
A flooring and interior design business will become both an owner and occupier after acquiring a 10,000-square-foot office building in Flanders, according to NAI James E. Hanson.
The commercial real estate firm said Tuesday that it represented JPMorgan Chase Bank NA in the sale of the property, 354 Route 206, to the owners of TeamPAR. The Morristown-based buyers will occupy 35 percent of the space as their second location and will immediately look to renovate the two-story building to help attract tenants to the remaining 6,465 square feet.
Joseph Vindigni and John Schilp handled the assignment for Hackensack-based NAI Hanson, the firm said in a news release. Newmark and Associates represented the buyers.
It is the third time NAI Hanson has brokered the sale of the building. The firm said the purchase will allow the new owners, Karen Rossilli-Keifer and John Keifer, to develop the property as a value-add opportunity while securing a steady cash flow from the lease of the remaining space.
“We have continued to see the trend of companies purchasing older buildings to utilize them as value-add opportunities,” Vindigni said. “Many businesses appreciate the steady cash flow that comes from leasing part of an owned building and having the flexibility to grow their operations should they need the extra space.
“Our experience with this building and familiarity with the market allowed us to help negotiate a deal that was mutually beneficial for both parties.”
The building, which sits on 2.5 acres, has 66 parking spaces and frontage on Route 206, the news release said. It also provides convenient access to Route 46 and interstates 80 and 287.
