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.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).