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JV Finalizes $85M Sale of Parsippany Industrial
Turnbridge Equities and joint venture partner Harbor Group International closed on the sale of 100 Jefferson Rd., a 550,000-square-foot industrial property in Parsippany, NJ, for $85.25 million. No further details of the sale were disclosed.
The JV acquired the property in October 2018 for $60.3 million in a sale-leaseback by current tenant PNY Technologies. During their time as owners, the partnership implemented a comprehensive $4-million capital improvement program to transform the property into a Class-A industrial facility.
100 Jefferson Rd. was only 28% occupied when it was purchased by the joint venture but is now nearly 64% leased to PNY Technologies’ global headquarters and Vitaquest International.
The asset also includes an approximately 200,000-square-foot vacant suite that provides added flexibility for the new ownership, as it can be subdivided to accompany multiple tenants, utilized as expansion space for existing tenants, or further enhanced by constructing additional loading docks or doors.
For comments, questions or concerns, please contact Paul Bubny
- ◦Sale/Acquisition
