Real Estate Journal — New Jersey — November 11 - 24, 2016 — 5B
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M id A tlantic
N ew J ersey
Trades illustrate accelerating trend involving suburban office repositioning plays Colliers team brokers sales of two former HQ assets in Morris County totaling $10.1 million
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are seeing notably stepped- up activity involving North- ern New Jersey’s aging and lower-occupancy inventory,” Chesler said. “Developers are rethinking and repositioning suburban office buildings and campuses to accommodate a new generation of tenants or redeveloping them for al- ternate use. Many of these buildings have not seen a proper infusion of capital in some time, and they are be- ing purchased, improved and maintained at a lower basis than neighboring competitive properties.” n
ORRIS TWP./PINE BOOK, NJ — The Pa r s i ppany , NJ -
based investment sales team at Colliers International Group Inc. saw a busy end to summer, closing nearly 1.2 million s/f in northern New Jersey office property disposi- tions during the past month. This includes two former cor- porate property trades in Morris County, representing a special servicer; both illus- trate the accelerating trend of investors purchasing vintage buildings for repositioning purposes. Headed by Jackie Chesler , RichardMadison and Jona- than Schlussel , the team in August orchestrated the $7.6 million sale of Kemble Plaza I to Onyx Equities. Located at 340 Mount Kemble Ave. in Morris Township, the 387,000 s/f, class A asset is the former corporate headquarters of AT&T. The building sits 40 acres, just five minutes from vibrant downtownMorristown and right off I-287, proximate to multiple regional thorough- fares. “Kemble Plaza I is one of only six buildings in Morris County with at least 125,000 square feet of contiguous available space, making it an ideal candidate for repo- sitioning or redevelopment,” Chesler said. “Additionally, the Morris Township admin- istration is forward-thinking and interested in examining potential re-uses, which added further appeal to the offering.” In Pine Brook, the team ar- ranged the $2.5 million sale of 34 Corporate Plaza to a private, New Jersey-based buyer. Located at 34 Maple Ave., directly at an entrance to I-80, the 130,000 s/f office building has a history of blue- chip tenancy, with previous occupants including Pitney Bowes and Echostar, among others; it is currently 14% occupied. The property has Industrial I-1A zoning, which has more than 25 permitted uses including office, medical use, nursing homes, assisted living facilities, laboratories, warehousing, wholesale dis- tribution, and fitness centers. “The permitted zoning along with exceptional highway ac- cess drew significant inves- tor interest for 34 Corporate Plaza,” Chesler said. “Good things are happening in the Parsippany office submarket,
75 Chestnut Ridge Rd.
Kemble Plaza I
ed investors and corporate space users for decades. “Fol- lowing many years during which investors largely tar- geted stabilized assets, we 34 Corporate Plaza
which has seen over 300,000 s/f of leasing activity in five of the last six quarters. The availability rate has dropped nearly 5 percentage points in
the last 18 months.” Both properties sit in the heart Morris County, where affluent and well-educated demographics have attract-
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