10A — February 8 - 21, 2019 — M id A tlantic
Real Estate Journal
M id A tlantic R eal E state J ournal
Welsh, Schulz and Kohaut represent Lincoln Property Company Newmark Knight Frank serves as investment advisor on the sale of 9 Entin Rd. in Parsippany P to the Property, and a number of new multifamily develop- ments in the Corridor.
196,894 s/f class A office build- ing that is 72% leased to a mix of corporate headquarters and high credit-quality companies including Tilcon NY, Med Me- trix (31,000 s/f HQ) and HNTB (29,500 s/f), offering stable in- place cash flowwith substantial upside through the lease-up of the 55,514 s/f of vacant space. The property is strategically located directly off I-287 (Exit 40B) in the prestigious Rte. 10 Corridor. This micromarket is evolving into an amenity-rich “live/work/play/stay” environ- ment highlighted by the recent opening of Wegmans adjacent
ARSIPPANY, NJ — Newmark Knight Frank (NKF) an - nounced the sale of The 9 at Parsippany, located at 9 Entin Rd. in Parsippany (“9 Entin”). Kevin Welsh, Brian Schulz, and Chuck Kohaut of NKF’s Tri-State Capital Markets Team represented an institu- tional investor and Lincoln Property Company on the transaction. The team was also responsible for procuring the buyer, American Equity Partners , a private real estate company based in Edison. The 9 at Parsippany is a
“The Property’s durable in- place cash flow and significant upside were appealing to Amer- ican Equity Partners. They are well positioned to benefit from the Rte. 10 Corridor’s ongoing transformation into a dynamic mixed-use environment that will continue to drive tenant demand,” saidWelsh, executive managing director. “We are excited to add 9 Entin to our portfolio of high quality properties,” said David Elkouby, the founder of Ameri- can Equity Partners. “We are looking forward to continuing our mission of providing a first- class experience to our tenants at this building.” In other news, industry vet- erans John Ennis and Brett Lake, MAI have recently joined NKF Valuation & Ad- visory (V&A) as senior vice presidents in the Financial Reporting practice. Ennis and Lake bring more than 45 years of combined industry experi- ence to the Whippany office. “We’re incredibly excited to have these two seasoned finan- cial reporting professionals join our growing V&A team to pro- vide industry-leading services,” said V&A financial reporting practice leader John Corbett, MAI, ASA, FRICS . “NKF’s cli- ents will benefit fromBrett and John’s expertise in navigating complex financial, accounting, tax and regulatory issues.” The NKF V&A Financial Reporting group is a premier service provider, bringing a comprehensive awareness of regulatory standards and prop- erty-specific insights to deliver strategic guidance to multina- tional corporations, public and private REITs, private equity groups and funds. Ennis brings more than 25 years of U.S. and interna- tional experience in real estate valuation and analysis. He has served a wide range of clients, including federal agencies, municipalities, financial insti- tutions, insurance companies, REITs, private and public cor- porations, public utilities and individuals across a full range of property types. Prior to join- ing NKF, Ennis served 12 years with FTI Consulting, a global business advisory firm. Lake brings more than 20 years of industry experience focused on consulting and valu- ation requirements.
9 at Parsippany
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