PARSIPPANY — The Kislak Company announced the sale of the Troy Office Center located at 1259-1269 U.S. Highway for $10,500,000.
Kislak marketed the property on an exclusive basis 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.
Mr. Scatuorchio remarked: “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.”
Located on 10.55 acres of land with 670 feet of frontage on the eastbound side of Route 46, the property consists of four well-maintained adjacent office buildings totaling approximately 126,000 square feet on the heavily trafficked corridor near Route 80. Hotels, daycare, banks, and shopping are within walking distance and nearby.
All low-rise buildings, buildings 1 and 2 are two-story with stairs and elevators, and buildings 3 and 4 are one-story. With a variety of tenants and occupancy at 79% at the time of sale, most leases have automatic renewal clauses, adding to the huge upside potential for the property.
With easy access to major highways, the property is less than 40 minutes to New York City, Newark Liberty Airport, and Port Newark/Elizabeth. Currently zoned O-3, and due to its excellent location and access, the property holds promise for partial or full redevelopment for other uses in the future, especially as envisioned by the buyer as well-situated suburban office space.
Mr. Scatuorchio highlighted that: “This is the third large office/retail deal, which I’ve closed with this purchaser in Morris County.” 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, which has also been ranked as one of the top 25 wealthiest counties in the U.S over the past ten years.
Tom Scatuorchio joined Kislak in 2016 and specializes in the sale of retail and multifamily investment properties in Morris and Essex County, New Jersey. In 2017, he earned Kislak’s Rising Star award and in 2021, he was promoted to vice president.
Shree Parsippany Developers, LLC. was formed on October 22, 2020 and Bhagirath P. Maheta, Parsippany; Suresh Patel, Saddle Brook; and Jyoti Patel, Mountainside are listed as officers.