A three-building mixed-use property in Morris Plains — one that features retail, a warehouse and five apartments — was sold for $2 million to Danny Levato, JLL announced Monday.
The buildings, which are at the five-way intersection that features a New Jersey Transit train station and the famed Arthur’s restaurant, are situated at 712-718 and 720-726 Speedwell Ave. and 3 Franklin Place.
Locals know it as the location of Morris Plains Pharmacy and the building that housed a failed T-shirt establishment, following the departure of longtime tenant Plains Small Engine.
The 712-718 Speedwell Ave. location is a two-story, 6,280-square-foot building above the Morris Plains Pharmacy, whose owners decided to sell their business and accumulated property to retire. 720-726 Speedwell Ave. is an adjoining 4,140-square-foot building above two retail stores. There are five mutihousing units above the two properties.
The 3 Franklin Place location is a freestanding 3,500-square-foot warehouse.
The properties are served by a five-vehicle outdoor parking lot that is contiguous to a 60-car municipal parking lot located behind the property.
“This portfolio is a rare asset in a tight market with an affluent population, highly rated schools and direct train service to New York City,” JLL Vice President Blake Shanaphy said.
“With in-place cash flow from the retail, upside potential from apartment upgrades and a vacant warehouse to lease, the buyer has secured significant long-term ROI as he continues to grow his portfolio.”
New ownership has retained Shanaphy to lease the warehouse space, a single-story property previously used as an engine repair shop. Shanaphy said the new owner plans to white box it for potential users.