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Parsippany Offices Trade with Upside Potential
CBRE completed the sale of 299 Cherry Hill Rd., an 85,000-square-foot office complex near the crossroads of Interstates 80 and 287 in Parsippany, NJ for $4.9 million.
The CBRE Investment Properties team of Charles Berger, Mark Silverman and Elli Klapper, in conjunction with CBRE’s Thomas Mallaney, spearheaded the marketing campaign and represented the seller .
“Although the office sector has suffered during the pandemic, this sale demonstrates that well-positioned and well-located properties are still highly sought-after,” said Berger. “We were able to maximize the value of the asset through a competitive process with over 15 offers and helped bring about a quick and efficient closing for our client.”
The acquisition of the property represents a significant upside for the out-of-town buyer upon stabilization of the asset, noted Berger, citing CBRE’s sale of a similar sized office property at 10 Lanidex Plaza West in Parsippany last year for $9 million.
- ◦Sale/Acquisition
