PARSIPPANY — NAI Hanson brokered the sale of 119 Littleton Road from Hollywood Towne House to Commercial Realty Group.
“The property provided a unique opportunity for a tenant or an investor/developer to own a smaller office/professional building in the heart of Parsippany,” NAI Hanson’s Josh Levering said in a prepared statement. “We worked with the seller to price it aggressively. This enabled us to sell the property quickly to a qualified buyer.”
Levering and fellow NAI Hanson broker James Kenah represented the seller in the transaction.
The firm will now market and lease the 36,216-square-foot office building on behalf of the buyer.
“Upon acquisition, Commercial Realty Group announced plans to fully renovate and upgrade the property with occupancy slated for July/August 2016,” Levering said. “In addition, Commercial Realty Group will be occupying the building as its headquarters location.”
Financial terms of the transaction were not disclosed.
The Commercial Realty Group is a full-service real estate operating company with a 40+ year history of providing high-quality office and industrial space in Morris, Essex, Somerset and Middlesex Counties in Northern New Jersey. CRG possesses the in-house capability to acquire, finance, construct and manage office and light industrial properties. It operates offices in Parsippany and Boca Raton, Florida.
