Cushman & Wakefield announced Tuesday it has started marketing 200,000 square feet of prime industrial warehouse space in Parsippany.
The 550,000-square-foot property located at 100 Jefferson Road recently underwent a $4 million capital improvement program, C&W said. The plan included a new warehouse; upgraded offices, restrooms and building entrances; resurfaced parking lots; and a new mechanical system and lighting.
The 36-acre property is located at the intersection of interstates 80 and 287, and is within close access to routes 10, 46, and 202, and the Morristown CBD.
The space is available for immediate occupancy and can be divided, C&W said.
The facility, which C&W said is one of the largest warehouse/distribution availabilities in North Jersey’s market, has nine loading docks and 200 on-site parking spots.
“100 Jefferson Road is a quality asset that provides tenants with functional space, including 19-foot ceiling heights, nine loading docks and two box truck doors,” Andrew Siemsen of the firm’s Iselin office said.
“Additionally, it provides immediate access to a residential population of more than 16 million people within a one-hour drive, making it ideal for last-mile and e-commerce distribution. New ownership, led by Turnbridge Equities, has invested millions of dollars in improving the property and providing Class A experience for tenants. This is truly a one-of-a-kind opportunity in this highly sought-after market with very limited availability and an overall vacancy rate of only 3%.”
Siemsen will be heading leasing efforts along with Jason Goldman and Michael Kimmel.