A three-story office property in Parsippany, New Jersey, was recently sold for $4.9 million to an out-of-town buyer.
Situated minutes from the crossroads of Interstates 80 and 287, the 85,000 square-foot office complex is located at 299 Cherry Hill Road in Parsippany, Morris County. The property is based on 5.86 acres of land and is currently 60 percent occupied by multiple long-term office tenants.
The seller was represented by the CBRE Investment Properties team of Charles Berger, Mark Silverman, and Elli Klapper, in conjunction with CBRE’s Thomas Mallaney, throughout the negotiations. CBRE also organized the marketing campaign.
“Although the office sector has suffered during the pandemic, this sale demonstrates that well-positioned and well-located properties are still highly sought-after,” said Mr. Berger. “We were able to maximize the value of the asset through a competitive process with over 15 offers and helped bring about a quick and efficient closing for our client.”
CBRE Group Inc. is commercial real estate services and investment firm headquartered in Dallas.