NAI James E. Hanson’s Team Lizzack-Horning negotiated the sale of a medical office building in Passaic County’s Hawthorne, marking the second deal announced this week for the group.
Led by Vice Presidents Darren Lizzack and Randy Horning, the team represented Orom Ashur LLC, the seller, in a transaction with AKKC Realty LLC for the 3,851-square-foot building located at 364 Lafayette Ave.
Financial terms of the deal were not disclosed.
The single-story, free-standing building — centrally located in downtown Hawthorne — previously served as a commercial banking space. It was purchased by a family medical practice, formerly located in Haledon. According to NAI Hanson, the buyer was attracted to the property’s proximity to its previous location and ease of accessibility — situated around the corner from the city’s New Jersey Transit station and within easy driving distance of roadways including Routes 17 and 208 and the Garden State Parkway.
“The health care market has continued to see tremendous velocity in the post-pandemic world, especially given the slow and steady recovery of the retail sector. The immense potential and location of 364 Lafayette offered the perfect opportunity for a future as a medical office and aligns directly with the trend of former retail properties being converted into medical spaces,” Horning said in a statement.
According to NAI Hanson, Team Lizzack-Horning’s efficient completion of the transaction offered the buyer the opportunity to quickly begin construction on the new space.
“We look forward to continuing leveraging our exceptional market expertise to not only help our clients find value for their properties but take advantage of the rising demand for health care spaces in the foreseeable future,” Horning added.