NAI James E. Hanson Arranges Sale of 9,730-Square-Foot Office Building in Flanders, N.J.
Flanders, N.J. (April 25, 2017) – NAI James E. Hanson, a leading New Jersey-based full-service independent commercial real estate firm, announces they have negotiated the sale of a 9,730-square-foot office building located 354 Route 206 in Flanders, N.J. NAI Hanson’s Joseph Vindigni and John Schilp represented the owner, J.P. Morgan Chase NA, in the sale to Karen Rossilli-Keifer and John Keifer. Newmark and Associates represented the buyer in the transaction. This is the third time NAI Hanson has sold this property.
354 Route 206 is a 9,730-square-foot, two-story office building on 2.5 acres with 66 parking spaces. The building’s location, with frontage on Route 206, also provides convenient access to Route 46 and Interstates 80 and 287.
The buyers, Karen Rossilli-Keifer and John Keifer, are the owners of TeamPAR, a flooring and interior design company with an office in Morristown. N.J. They will occupy 35 percent of the space as their second location and will immediately look to renovate the entire building to help attract quality tenants as the remaining 6,465 square feet will be available for lease. The purchase will allow the new owners 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,” said Vindigni. “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.”
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