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A longtime owner has sold a portfolio of mixed-use properties in Morris County in an off-market deal arranged by JLL.

Totaling nearly 14,000 square feet and located at 712-718 and 720-726 Speedwell Ave. as well as 3 Franklin Place in Morris Plains, the three-building package includes five apartments, three retail stores and a warehouse, according to JLL, all located directly across from the city’s namesake rail station.

The $2 million sale marks just the second time the properties have changed hands in nearly 60 years, JLL said.

The global commercial real estate and investment management company worked on behalf of the seller – 712 Speedwell Realty LLC, the longtime owner occupier of the property – and the buyer, local real estate investor Danny Levato.

“This portfolio is a rare asset in a tight market with an affluent population, highly rated schools and direct train service to New York City,” said JLL Vice President Blake Shanaphy, who worked with both parties to arrange the transaction. “With in-place cash flow from the retail, upside potential from apartment upgrades and a vacant warehouse to lease, the buyer has secured significant long-term ROI as he continues to grow his portfolio.”

The properties:

712-718 Speedwell Ave. is a two-story, 6,280-square-foot building located above the Morris Plains Pharmacy, whose owners decided to sell their business and accumulated property to retire, JLL said.

720-726 Speedwell Ave. is an adjoining 4,140-square-foot building above two retail stores; the five multi-housing units are located above these two properties.

3 Franklin Place is a free-standing, single-story 3,500-square-foot warehouse that was previously used as an engine repair shop. According to JLL, ownership plans to white box the space for potential users. 

Shanaphy was also retained to lease the warehouse space. In a LinkedIn post, he congratulated his clients, “on their successful disposition and closing in Morris Plains last week.”

“The buyer, a lifelong Morristown resident and an owner operator of CRE himself, has a large portfolio of various commercial assets including residential apartments, industrial, and retail,” he added.

Served by a five-space outdoor parking lot contiguous to the Morris Plains Train Station, at a signalized intersection, the properties offer strong retail visibility as well as convenient commuting options. A 60-car municipal parking lot is located behind the site.

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