PARSIPPANY – Kislak Corporation has announced the sale of the Troy Office Center located at 1259-1269 US Highway for $ 10,500,000.
Kislak marketed the property on an exclusive basis with Vice President Tom Scatuorchio managing the sale on behalf of the seller, a private investor. He also recruited the buyer, Shree Parsippany Developers, LLC.
Mr. Scatuorchio remarked: “It was an extremely complex property to sell and finance given the current state of the office market. The transaction began in the early months of the Covid-19 crisis in May 2020 and required considerable effort on the part of all parties involved to be closed almost a year later.
Located on 10.55 acres of land with 670 feet of frontage on the east side of Highway 46, the building consists of four adjacent, well-maintained office buildings totaling approximately 126,000 square feet on the busy corridor near the highway. 80. Hotels, daycare, banks, and shops are within walking distance and nearby.
All low rise buildings, Buildings 1 and 2 are two storeys with stairs and elevators, and Buildings 3 and 4 are one storey. With a variety of tenants and an occupancy rate of 79% at the time of sale, most leases have automatic renewal clauses, which adds to the huge upside potential of the property.
With easy access to major highways, the property is less than 40 minutes from New York City, Newark Liberty Airport and Port Newark / Elizabeth. Currently zoned O-3, and due to its excellent location and excellent access, the property holds promise for partial or full redevelopment for other uses in the future, particularly as the buyer views it as a conveniently located suburban office space.
Mr. Scatuorchio noted that: “This is the third major office / retail transaction I have completed with this Morris County buyer.” Morris County was ranked the 10th most populous county in the state according to the 2019 census estimate, with Parsippany-Troy Hills Township being the most populous area in the county, which was also ranked among the 25 counties. richest in the United States over the past ten years.
Tom Scatuorchio joined Kislak in 2016 and specializes in the sale of retail and multi-family investment properties in Morris and Essex County, New Jersey. In 2017 he won Kislak’s Rising Star Award and in 2021 he was promoted to Vice President.
Shree Parsippany Developers, LLC. was formed on October 22, 2020 and Bhagirath P. Maheta, Parsippany; Suresh Patel, Saddle Brook; and Jyoti Patel, Mountainside are listed as officers.