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Parsippany Office Complex Trades on Strength of Occupancy, Location
BRE arranged the sale of a two-building office park located at 99 & 119 Cherry Hill Rd. in Parsippany, NJ, for an undisclosed sum. Jeffrey Dunne, Jeremy Neuer, Steve Bardsley, David Gavin, Gene Pride, Travis Langer and Zach McHale of CBRE Institutional Properties represented the seller and also procured the buyer, Mark Meisner of The Birch Group.
The Cherry Hill Road complex totals 191,249 square feet at the crossroads of Interstates 80 and 287, as well as Routes 46 and 202. The robust highway infrastructure has helped the buildings maintain strong levels of occupancy averaging 88% over the past 10 years.
“The park’s historical leasing and location drove the interest and ultimately the buyer to execute,” said Dunne. “We are confident The Birch Group will build upon this momentum, given their recent leasing success at 350-360 Mount Kemble in Morristown, an asset we sold them in 2018.”
For comments, questions or concerns, please contact Paul Bubny
- ◦Sale/Acquisition
