May 17, 2023 – Michael Lombardi of Horvath & Tremblay has successfully completed the sale of a retail and office Property in Downtown Teaneck, New Jersey. Horvath & Tremblay exclusively represented the seller and procured the buyer to complete the transaction at a sale price of $1,925,000.
The Downtown retail and office property is located at located at 162-178 Cedar Lane and 786-790 Grange Road in Teaneck, New Jersey. The Property is home to ten (10) suites comprised of seven retail tenants and three office/professional tenants. The building contains approximately 8,700 square feet and is situated on a 0.46-acre corner parcel of land. The Property is 100% leased to a complimentary mix of local tenants that serve the needs of the area residents. The majority of the tenants have scheduled annual rent increases throughout their primary lease terms. The highly visible Property is strategically located at the intersection of Cedar Lane, one of the area’s primary commercial corridors, and Grange Road. The Property is ideally positioned in the center of Teaneck and enjoys outstanding visibility and frontage. Teaneck Road and Queen Anne Road, two primary commuter roads traversing the township are both less than 0.3-miles from the Property. The Property sits in the center of densely populated residential neighborhoods and is 0.6-miles from NJ Route 4 and 1.5-miles from the junction of Interstates 80 and 95. Teaneck is a small bedroom suburb of New York City, located in Bergen County within the New York metropolitan area. The affluent and densely populated area is 6-miles northwest of New York City which is easily accessible via Interstate 95.
Horvath & Tremblay is one of the most active and successful Investment Real Estate Brokerage firms in the United States. Our advisors specialize in the sale of single tenant net-lease assets and retail shopping centers. They have experience successfully structuring sale lease-back programs, portfolio dispositions, and 1031 exchanges. Horvath & Tremblay is dedicated to being the best source of information and expertise in the marketplace for private investors, developers, institutions, and industry professionals.