Avison Young arranges sale-leaseback of 135k sq. ft. Parsippany industrial flex building

Avison Young‘s New Jersey office has arranged the sale-leaseback of an industrial property spanning approximately 7 acres in Parsippany, according to a Monday announcement.

Located at 1 Wood Hollow Lane and spanning over 135,000 square feet, the building was acquired by Longpoint Realty Partners L.P. to extend the lease to the current occupant, Allstate Can Corp., which will continue utilizing the space for warehouse and light manufacturing operations.

Avison Young Senior Vice Presidents Matthew Turse and Timothy Cadigan, along with associate Grant Otto, who are all based in the firm’s New Jersey office, represented the seller in addition to procuring the buyer in the transaction.

“This transaction allowed our client to remain in a building that has continually served their operational and business development needs while generating cash flow through its sale,” Turse said. “As New Jersey’s industrial market continues to see demand outpace supply, the buyer of 1 Wood Hollow Road will greatly benefit from acquiring a well-occupied asset in one the state’s most coveted submarkets for industrial/flex space.”

Designed to accommodate a range of uses, from warehouse to manufacturing and flex, the property includes 3,000 square feet of office space along with 11 dock doors and 100 parking spaces. It also offers convenient access to numerous major thoroughfares, including Interstates 80, 46 and 287.