Parsippany office property fetches $3.5M

By Eric Strauss
Parsippany | Jul 17, 2019 at 3:00 am

A Parsippany office building has sold for $3.5 million, Colliers International announced Tuesday.

The 30,459-square-foot, multitenant property at 140 Littleton Road is currently 95% occupied by 15 professional services firms in a variety of fields, the real estate services firm said in a news release.

Colliers represented both the buyer and the seller in the deal. Neither was named in the release. The team working on the transaction included Jacklene Chesler, executive managing director, Matthew Brown, managing director, and Frank Summers, senior financial analyst. All are from the New Jersey office.

“Colliers is proud to announce the sale of this boutique office property,” Chesler said in a prepared statement. “Our team was able to find a perfect match between buyer and seller, with both parties coming away extremely satisfied.

“The property provides an impressive tenant roster and strong upside in terms of rent appreciation in a thriving submarket. We expect the buyer to benefit from this multitenanted investment property that will lead to rental appreciation and offers minimal tenant rollover risk.”

Eric Strauss | estrauss@roi-nj.com | acerimrat