CBRE Group, Inc., has arranged the sale of a 55,000-square-foot former data center located at 1500 Queen Anne Road in Teaneck. The property consists of three buildings and features a fully-fenced property with electric gates on more than three well-landscaped acres.
CBRE Capital Markets Investment Properties’ Elli Klapper, in New York, and Charles Berger and Bill Hassan, in New Jersey, brokered both sides of the transaction. The team worked closely with the seller, the town and the Board of Adjustment and Zoning to have the site approved for educational purposes.
The data center had been vacant for approximately eight years, while being well maintained by ownership. The transaction was complex due to various rezoning issues, which took months to complete prior to closing. The buyer will begin construction later this month with plans to rehab the existing buildings, adding an additional floor to one building and creating 20 classrooms at the site. The school is slated to open in January 2016.
“The CBRE Tri-State Investment Properties team enjoyed being able to identify the right property that would best serve and benefit the non-profit school,” said Mr. Klapper. “Though the buildings were vacant for almost a decade, the property was well-maintained and fit the needs of the school, with its fully fenced exterior, security cameras and electric gates, which will make ideal entrances to the school.”Related Articles: