A seven-building office complex in Parsippany has been sold, Holliday Fenoglio Fowler L.P. announced Tuesday.
The properties at 100-700 Lanidex Plaza total 335,060 square feet on 33.7 acres, HFF said in a news release. The seller was an affiliate of Hartford Investment Management Co. and the buyer was 1H7H Lanidex LLC, an affiliate of Parsippany-based Milelli Real Estate Partners.
Financial terms of the deal were not disclosed.
Through another affiliate, 8H9H Lanidex LLC, MREP also owns 800 and 900 Lanidex Plaza, giving the company control of the entire 100-900 Lanidex complex — the first time in 30 years the properties have had one owner.
The HFF investment advisory team representing the seller included Jose Cruz, senior managing director; Kevin O’Hearn, managing director; and Michael Oliver and Stephen Simonelli, senior directors.
“Lanidex is a well-located office park with significant upside potential,” Cruz said in a prepared statement. “The buyer can reposition the individual buildings by adding capital and releasing.”
MREP plans a rebranding and repositioning of the complex, which totals about 450,000 square feet on 50 acres.