PARSIPPANY — American Equity Partners has acquired “The 9 at Parsippany”, located on 9 Entin Road. Newmark Knight Frank’s Tri-State Capital Markets team, led by Kevin Welsh, Brian Schulz, and Chuck Kohaut, represented an institutional investor and Lincoln Property Company on the transaction. The team also identified the buyer.
American Equity Partners is a real estate company, located in Edison, created as a conduit for investors to attain above market returns in diversified real estate investments. American Equity Partners’ investment strategy represents the vision of its founding partners.
The sale price was not disclosed. According to Real Capital Analytics, a proprietary research database that tracks commercial real estate transactions, the property has been owned since 2006 by a joint venture of Lincoln and UBS Realty Advisors, who acquired the asset from Hartz Mountain for $26.8 million.
The 9 at Parsippany is a three story, 196,894 square-foot class A office building that is 72%-leased to a mix of corporate headquarters and high credit-quality companies including Tilcon NY, Aetna, Med Metrix and HNTB, offering stable in-place cash flow with substantial upside through the lease-up of the 55,514 square feet of vacant space. The property is strategically located directly off I-287 (Exit 40B) in the prestigious Route 10 corridor. This micro market is evolving into an amenity-rich “live/work/play/stay” environment highlighted by the recent opening of Wegmans adjacent to the property, and a number of new multifamily developments in the corridor.
For more information on American Equity Partners, click here.