Newmark Knight Frank announced Thursday the sale of a Class A office building in Parsippany.
The building, The 9 at Parsippany, is located at 9 Entin Road. It comprised of 196,894 square feet and is currently 72 percent leased. It is within close access to Interstate 287 and Route 10.
Kevin Welsh, Brian Schulz and Chuck Kohaut of NKF’s Tri-State Capital Markets Team represented an undisclosed institutional investor and Lincoln Property Co. in the deal. The team also procured the buyer, Edison-based American Equity Partners.
“The Property’s durable in-place cash flow and significant upside were appealing to American Equity Partners. They are well positioned to benefit from the Route 10 Corridor’s ongoing transformation into a dynamic mixed-use environment that will continue to drive tenant demand,” Welsh, executive managing director, said.
“We are excited to add 9 Entin to our portfolio of high quality properties,” David Elkouby, the founder of American Equity Partners, said. “We are looking forward to continuing our mission of providing a first-class experience to our tenants at this building.”