Kislak sells off-market Parsippany retail building for $3M

A 4,600-square foot former Capital One bank branch on one acre of land in Parsippany, Morris County, has sold for $3 million, according to a Friday announcement from the Kislak Co.

Located at 1295 Route 46, the off-market sale was arranged by Kislak Vice President Tom Scatuorchio and Executive Vice President Matt Weilheimer on behalf of the seller and purchaser, which were not disclosed.

The property has a drive-through and on-site parking and sits directly on the eastbound side of Route 46 with access from Route 46 and Grange Road.

“The property had recently been vacated by Capital One and we had an ideal opportunity for a longtime, locally based client to acquire an additional property adjacent to others in his portfolio,” Scatuorchio said. “Given his strength and broader vision for the future development of the Route 46 corridor, he was able to close despite a difficult market.”

“Given the challenging market we are currently operating in, we facilitated a creative financing structure that benefited both the seller and purchaser. We were happy to work with professional and determined clients to bring this deal to a close,” Weilheimer said.

The purchaser plans to redevelop the property with a new retail tenant.