The Kislak Company, Inc., this week, announced the sale of Troy Office Center in Parsippany, Morris County, New Jersey for $10,500,000.
Located at 1259-1269 U.S. Highway 46, and near Route 80, the 10.55 acres of land with 670 feet of frontage is on the eastbound side of Route 46. The property consists of four adjacent office buildings which total approximately 126,000 square feet.
All four office buildings are low-rise. Buildings 1 and 2 are two-story with stairs and elevators while buildings 3 and 4 are one story. The buildings have a variety of tenants with occupancy at 79% at the time of sale.
Kislak organized the sale with Vice President Tom Scatuorchio handling the assignment on behalf of the seller, a private investor. He also procured the purchaser, Shree Parsippany Developers, LLC.
“This was an extremely complex property to sell and finance given the current state of the office market. The transaction began in the early months of the Covid-19 crisis in May 2020 and took a tremendous amount of effort from all parties involved to close nearly a year later,” said Mr. Scatuorchio.
The Troy Office Center is less than 40 minutes from New York City, Newark Liberty Airport, and Port Newark/Elizabeth. With a current zoning of O-3, the property could potentially be partially or fully redeveloped for other uses in the future.
Morris County was ranked the 10th most populous county in the state as of the 2019 Census estimate with Parsippany-Troy Hills Township being the most populous area in the county.
The Kislak Company, Inc. is a commercial real estate brokerage firm headquartered in Woodbridge, New Jersey.