Kislak sells mixed-use property in Parsippany for $4.4M

The Kislak Co. Inc. announced the $4.375 million sale of Colony Plaza, a 40,000-square-foot mixed-use office and retail property in Parsippany.

The commercial real estate firm’s Matt Weilheimer, senior vice president, and Tom Scatuorchio, sales associate, marketed the property exclusively on behalf of the seller, a private investor. Scatuorchio also procured the buyer, another undisclosed investor.

“Our close relationships with both the seller and purchaser enabled us to utilize creative solutions to overcome several complicated hurdles in order to ultimately close the transaction,” Scatuorchio said.

Situated on 3.2 acres, 1180-1220 Route 46 is comprised of three buildings with 40,000 square feet of retail and office space in a B-2 Zoning Highway Development District. It is within close access to routes 10 and 287 and is surrounded by national tenants including Target, Michaels, LA Fitness, ShopRite, Staples and Bed Bath & Beyond.

“In my 25 years selling real estate, I have never seen so many complex challenges to closing a deal. It is a credit to the seller and purchaser and their professionalism that we were able to cross the finish line,” Weilheimer said.