Teaneck, NJ (November 13, 2015) - A former data center in Teaneck that has stood empty for eight years has been sold and will be converted into a day school, according to real estate brokerage CBRE Group Inc.
The 55,000-square-foot center at 1500 Queen Anne Road includes three buildings on three acres of property, the brokerage said Thursday in a news release. The new owner will rehabilitate and expand the buildings to create the He’atid Yeshivat Day School, which will include 20 classrooms and is scheduled 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 nonprofit school,” Klapper said in a prepared statement. “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.”
The transaction necessitated months of rezoning issues to convert the property for educational purposes, CBRE said.
About CBRE Group, Inc. CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2014 revenue). The Company has more than 52,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 370 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.