CBRE completes $8.9 million sale of Parsippany office building
CBRE, the commercial real estate firm, finished an $8.9 million sale.
The short version
- A New Jersey investor bought the Parsippany office building.
- The 75,000-square-foot property is already eighty-four percent leased.
- The deal works out to one hundred nineteen dollars per square foot.
CBRE, the commercial real estate firm, just wrapped up the $8.9 million sale of a Parsippany office building. The deal covers 10 Lanidex Plaza West, a 75,049-square-foot property located right in the heart of the town's busy business corridor, according to ROI-NJ.
The three-story building was about 84% leased at the time of the sale, bringing in a diverse mix of tenants across health care, medical imaging, professional services, technology, wellness and fitness. An unnamed New Jersey-based private investor stepped in to buy the property from 10 Lanidex Plaza LLC, marking that buyer's very first office acquisition in Morris County.
Charles Berger, who works for CBRE, spearheaded the marketing campaign and represented the seller after previously selling the exact same building to the outgoing owner back in 2020. "This is an impressive price for New Jersey office product in the current sales climate," Berger said.
The buyer was drawn in by the stable tenancy, steady cash flow and premier location with easy access to major highways. The new owner now plans to upgrade the property by adding a cafeteria and filling up the remaining vacant office space.
For local business owners watching commercial real estate values move across New Jersey, it shows that well-tenanted suburban office parks are still drawing serious private money.
Photo: CPonderTCC, CC BY-SA 4.0, via Wikimedia Commons
