M id A tlantic Real Estate Journal — Northern New Jersey — June 18 - July 22, 2021 — 5B


N orthern NJ Scatuorchio arranges sale of 126,000 s/f inMorris County despite pandemic-related challenges The Kislak Company, Inc. sells Parsippany, New Jersey office complex for $10.5 Million


most populous county in the state as of the 2019 Census es - timate with Parsippany-Troy Hills Township being the most populous area in the county, which has also been ranked as one of the top 25 wealthiest counties in the U.S over the past 10 years. Scatuorchio joined Kislak in 2016 and specializes in the sale of retail and multifamily investment properties in Mor- ris and Essex County. In 2017, he earned Kislak’s Rising Star award and in 2021, he was promoted to a vice president. About The Kislak Company, Inc.

The Kislak Company, Inc., which is headquartered in Woodbridge is a leading com- mercial real estate brokerage firm consistently recognized for its investment sales suc- cess. Established in 1906, Kislak’s market leadership position and longevity are due to its ability to offer cli- ents a personalized, hands-on approach, coupled with the unrivaled expertise of its long- tenured team of professionals. Kislak’s prestigious client base includes individual investors and owners, partnerships, financial institutions, and REITs. MAREJ

ARSIPPANY, NJ — The Kislak Company, Inc. announced the re-

cent sale of the Troy Of- fice Center l o cat ed at 1259 - 1269 US Hwy. 46 in Pars i p - pany, Mor- ris County f o r $ 1 0 . 5 million.

Tom Scatuorchio

Kislak marketed the prop- erty on an exclusive basis with vice president Tom Scatu- orchio handling the assign- ment on behalf of the seller, a private investor. He also procured the purchaser, Shree Parsippany Developers, LLC. Scatuorchio remarked: “This 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 took a tremendous amount of effort from all par- ties involved to close nearly a year later.” Located on 10.55 acres of land with 670 feet of frontage on the eastbound side of Rte. 46, the property consists of four well-maintained adja- cent office buildings totaling 126,000 s/f on the heavily traf - ficked corridor near Rte. 80. Hotels, daycare, banks, and shopping are within walking distance and nearby. All low-rise buildings, build- ings 1 and 2 are two-story with stairs and elevators and build- ings 3 and 4 are one-story. With a variety of tenants and occupancy at 79% at the time of sale, most leases have auto- matic renewal clauses, adding to the huge upside potential for the property. With easy access to major highways, the property is less than 40 minutes to New York City, Newark Liberty Airport and Port Newark/Elizabeth. Currently zoned O-3, and due to its excellent location and access, the property holds promise for partial or full redevelopment for other uses in the future, especially as envisioned by the buyer as well-situated suburban office space. Scatuorchio highlighted that: “This is the third large office/retail deal, which I’ve closed with this purchaser in Morris County.” Morris County was ranked the 10th

1259-1269 US Hwy. 46 in Parsippany


East Orange, NJ 80-Unit Portfolio Joni Sweetwood ext 273

Asbury Park, NJ 49-Unit Portfolio Daniel Lanni ext 248

Hackensack, NJ 17 Townhomes Daniel Lanni ext 248

Long Branch, NJ 6 Units + 1 Retail Daniel Lanni ext 248

Paramus, NJ 3,080 SF Retail Davis Briones ext 370

Holmdel, NJ 12± Acres for Redevelopment Matt Weilheimer ext 253

The Kislak Company, Inc. | kislakrealty.com | 732 750 3000

Made with FlippingBook Ebook Creator