Colliers on Thursday mentioned it facilitated the sale of a boutique place of work development in Parsippany for $4.4 million – $228 in keeping with sq. foot, the perfect value in keeping with sq. foot place of work business within the town inside the previous 5 years.
A non-public New Jersey-based investor, bought the nineteen,298 square-foot, two tale development, positioned at 150 Smith Highway from a Colliers group created from Vice Chair Jacklene Chesler and Administrators Patrick Norris and Joe Lane who finished the sale on behalf of the vendor.
The development was once at the start built in 1986 and has served as the company headquarters for a number one janitorial, repairs, safety and concierge provider corporate since 2005.
Colliers, which tracks the sale of place of work structures 10,000 sq. foot and larger, won 14 bids at the belongings. The sale was once finished via Ten-X, an internet business actual property public sale platform.
“The pastime we won on this asset is evidence of the continuing power and investor pastime for the New Jersey suburban place of work marketplace. Even supposing this unmarried tenant development isn’t a triple internet rent (NNN), we won a top quantity of bidders all over the selling procedure,” Chelser mentioned. “Our group’s intensive marketplace wisdom allowed us to prepare a sale that can get advantages all events in each the close to and longer term.”
Parsippany is essentially the most populated municipality in Morris County, which is understood to be one of the vital 10 wealthiest counties in the US. The development’s location is a gorgeous vacation spot for companies, positioned handiest 45 mins from Ny through automotive or teach, and employers even have get right of entry to to a extremely trained body of workers in Parsippany.
The development is only some hundred toes from a New Jersey Transit bus prevent and may be positioned simply off Interstate 287, the place Interstate 80 interchanges, which makes it a handy location with simple get right of entry to to main interstates.