Resource Realty of Northern New Jersey on Monday said it recently orchestrated three transactions demonstrating a well-needed boost in the state of the office market in Morris County.
Spearheaded by Resource Realty Principal Brian Wilson, the deals involved the $1.78 million sale of a fully leased, cash-flowing medical/office building and a 2,700-square-foot office lease at the same building in Succasunna. Rounding out the transaction trifecta is a 1,950-square-foot office lease in nearby Randolph.
Wilson secured an exclusive listing as the owner’s representative in the sale at 22 Route 10 in Succasunna and as the landlord and tenant representative for the latter two lease agreements, involving 22 Route 10 and 6 Emery Ave. in Randolph.
“At the 22 Route 10 office building, for which we orchestrated the sale four years ago, Resource Realty arranged three new leases to render it fully occupied, which in turn delivered on ownership’s repositioning strategy and ultimate disposition,” Wilson said, who noted the latest lease involved Accudraft, a leading finishing-system and paint-booth manufacturer serving the automotive, aircraft, marine vessel and train and railcar industries.
Built in 1980, the two-story 22 Route 10 building fronts one of Morris County’s primary roadways with a high visibility presence and prominent signage. Nearby lifestyle amenities include a Walmart, Dunkin, ShopRite, Outback, McDonald’s and Home Depot.
At 6 Emery Ave. in Randolph, Wilson represented the unnamed landlord in a lease agreement with Astute Academics, a provider of tutoring, SAT/ACT prep and virtual learning support services. The 15,000-square-foot single-story office building was constructed in the mid-1980s and features 63 paved-surface parking spaces.
“Well-located, small-to-midsized community office centers have tremendous allure for investors as well as small business enterprises because of their established presence and distinct profile,” Wilson said. “In terms of performance, they offer tenants flexibility and ownership a steady income stream.”
Resource Realty, which specializes in dispositions, acquisitions and leasing of office and industrial/warehouse properties, as well as land development, is one of three offices in the state focusing on a specific New Jersey Metro – North, Central and South Jersey. Each office is independently owned and operated, with the North Jersey branch led by Principal Tom Consiglio since being established in 1990.
