PARSIPPANY — Newmark Associates CRE, LLC, announced the recent $6,400,000 sale of a premier office property at 28 Eastmans Road, Parsippany, and the $1,100,000 sale of 6 Bartley-Chester Road, Flanders, both in Morris County.
Nancy Stanton-Tuckman, Executive Vice President exclusively managed the Parsippany transaction for the owner whose company, Millennium Systems International, occupied the entire building. The purchaser, Micrologic Associates, a technology company, will be the new tenant.
Unique to this transaction was the buyer’s immediate need for the building and the urgency to finalize the sale in 2021. Within approximately two months of bringing the property to market, Ms. Tuckman received multiple offers and closed the sale quickly in spite of a challenging office market due to the ongoing pandemic. With such incentives, both companies worked closely together to orchestrate a closing before year-end.
Ms. Tuckman highlighted a major aspect of the sale: “Both seller and purchaser are in very similar businesses, the sale of management software systems. Millennium, the majority of whose 250 employees had elected to work remotely, resulted in the determination to sell the building. Micrologic, car wash and quick lube management system experts, needed to expand their marketing department and required additional office space. It really was a win-win situation.”
Located on 4.82 acres of land, this Class A building with 47,500 SF of office space on three floors, holds 9,000 SF of storage on the lower level accessed by a freight elevator and an outer loading dock – providing exact specifications for the buyers’ needs. Ample parking of 150 spaces was another attractive feature for Micrologic who will occupy the building with employees returning to offices. The floor plan of the building includes several communal areas for collaborative work with an office set up for Green screen and video production.
Built-in 2000, the property was sold In 2012 to Millennium who had upgraded all aspects of the office building including the lobbies, elevator, and amenities which now include a Tuscany Wine Room.
In addition to the sale of the Eastmans Road property, Ms. Stanton-Tuckman was responsible for the sale of 6 Bartley-Chester Road, Flanders, a 10,000 SF industrial use building.
Built-in 1980, this two-story, well-maintained warehouse zoned CR3 for multiple uses, is situated on a private, wooded lot, and half occupied by a daycare center with ample parking and an outdoor recreation area for the center.
Attractive to the buyer, whose business formerly occupied several leased spaces, was that this investment property with an existing tenant affords them the opportunity to create a future office environment inside the existing building with functional flex space for their business, all in one location.
Representing the seller, Ms. Tuckman commented: “This sale presented multiple challenges relevant to the presence of the daycare center and its requirements for this type of use on the property. It was the working relationship and ability of both brokers to problem solve all these challenges that allowed for the final sale of this building. It was a cash offer with no contingencies that awarded the property to the buyer.”
Ms. Tuckman can be reached via email at ntuckman@newmarkrealestate.com or via cell phone at (973) 216-7107.
Newmark Associates CRE, located in Cedar Knolls, is certified as a woman-owned business by the Women’s Business Enterprise National Council and registered as a Supplier Diversity provider with corporate members. Celebrating more than 30 years in the commercial real estate industry as one of the top brokerage companies in the state, Newmark Associates has been recognized repeatedly with awards by both NJBIZ magazine and the CoStar Commercial Real Estate organization. Specializing in lease and sales transactions of office, industrial, retail, land, healthcare, and mixed-use properties, Newmark customers range from regional, entrepreneurial firms to Fortune 500 companies.
