An 85,000-square-foot office complex in Parsippany has sold for $4.9 million, demonstrating that well-positioned and well-located properties are still highly sought-after, according to a Tuesday announcement from CBRE.
Situated on 5.86 acres of land in the heart of Morris County, the asset at 299 Cherry Hill Road is just minutes from the crossroads of Interstates 80 and 287. It is currently 60% occupied by a number of long-term office tenants, allowing for a dramatic increase of the rent roll through further lease-up.
The CBRE Investment Properties team of Charles Berger, Mark Silverman and Elli Klapper, in conjunction with CBRE’s Thomas Mallaney, spearheaded the marketing campaign and represented the seller in the negotiations.
“We were able to maximize the value of the asset through a competitive process, with over 15 offers, and helped bring about a quick and efficient closing for our client,” said Berger.
The acquisition of the property presents a significant upside for the out-of-town buyer upon stabilization of the asset, noted Berger, citing CBRE’s sale of a similar-sized office property at 10 Lanidex Plaza West in Parsippany last year for $9 million.
“Our team has been extremely active throughout the region in commercial office sales, as well as conversions to alternative uses such as industrial and multifamily,” Berger added.
The three-story office property offers access to the growing infrastructure within Parsippany, including Whole Foods and several new multifamily developments. Other corporate neighbors include Avis Budget Group, Deloitte LLP, GAF Corp., Reckitt Benckiser, Teva Pharmaceuticals and Wyndham Destinations.