JLL Capital Markets on Thursday said it has closed the sale of 100 Phillips Parkway, a 79,007-square-foot office and research & development facility in Montvale.
JLL marketed the property on behalf of the seller and procured the private buyer.
100 Philips Parkway sits on 11.2 acres along the Garden State Parkway in highly desirable Bergen County. This location is just minutes to Rockland and Westchester counties in New York and is convenient to New York City. In addition, the property is within walking distance of the Shoppes at DePiero Farm, anchored by Wegmans, and a new mixed-use redevelopment of the former Mercedes-Benz headquarters. Several hotels and Lifetime Fitness are also within walking distance.
Renovated in 2001, 100 Philips Parkway is a single-story facility with a partial mezzanine level that is perfectly suited for commercial research and development. The property is currently utilized as a multitenant research facility and is 37% leased.
The JLL Capital Markets team representing the seller was led by Kevin O’Hearn, Jose Cruz, John Cahill, John Cunningham, Michael Oliver, Steve Simonelli and Nick Stefans.
“The property’s prime location helped garner interest from numerous investors, including several with varying highest and best uses. We have no doubt that the new owner will do very well with it,” O’Hearn stated.