PARSIPPANY — A three-story office building in Parsippany’s office corridor has sold for $8.9 million, commercial real estate firm CBRE reported Tuesday, October 27.
The 75,049-square-foot, multi-tenant building at 10 Lanidex Plaza West sold for $119 per square foot. The seller, 10 Lanidex Plaza LLC, sold the property to an unnamed New Jersey-based private investor. The deal marks the buyer’s first office property acquisition in Morris County.
Charles Berger of CBRE led the marketing campaign for the property and represented the seller in the negotiations. CBRE also procured the buyer.
“This is an impressive price for New Jersey office product in the current sales climate,” said Berger. “The buyer was attracted to the property’s stable tenancy, strong cash flow and premier Parsippany location. In today’s market, investors pursue opportunities that offer both reliable, in-place income and attractive value-add potential.”
The building has access to major transportation routes and a strong regional business environment. It was about 84 percent leased at the time of sale, with a diverse tenant roster spanning health care, medical imaging, professional services, technology, wellness and fitness uses.
The new owner plans to enhance the property with additional amenities, such as a cafeteria, while leasing the remaining vacant space.
The sale brings Berger full circle. He originally sold the building to its previous owner about six years ago.
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