NAI James E. Hanson, a New Jersey-based commercial real estate firm, announced the sale of an office building in Whippany.
The building, located at 760 Route 10 West, is comprised of 19,900 square feet.
NAI Hanson’s Joseph Vindigni, Arthur Hixson, Barry Mayer and Andrew Kirshenbaum represented both the seller, 760 Associates Inc., and the buyer, Michael Rose, in the transaction.
The property is a two-story professional building within close proximity to Interstates 80 and 287 as well as Routes 46 and 280.
The buyer is an entrepreneur with many businesses, NAI Hanson said, who was seeking to expand his practice.
“Our current low rate environment and elevated demand for office space has presented business owners with a prime opportunity to also become property owners. The buyer recognized the prospect to purchase a well-kept, centrally-located building that provided the opportunity to operate his business and reap the benefits of long-term office ownership,” Vindigni said. “Our experience in the marketplace and the office sector enabled us to negotiate a deal that was beneficial for both our clients.”
Financial terms of the deal were not disclosed.