The Kislak Co. on May 17 announced it recently sold the Troy Office Center located at 1259-1269 U.S. Highway 46 in Parsippany for $10,500,000.
Located on 10.55 acres of land with 670 feet of frontage on the eastbound side of Route 46, the property consists of four well-maintained adjacent office buildings totaling approximately 126,000 square feet on the heavily trafficked corridor near Route 80.
The asset was marketed on an exclusive basis with Kislak Vice President Tom Scatuorchio handling the assignment on behalf of the seller, a private investor. He also procured the purchaser, Shree Parsippany Developers.
“This was an extremely complex property to sell and finance given the current state of the office market,” Scatuorchio said in a prepared statement. “The transaction began in the early months of the COVID-19 crisis in May 2020 and took a tremendous amount of effort from all parties involved to close nearly a year later.”
With a variety of tenants and occupancy at 79% at the time of sale, most leases have automatic renewal clauses, adding to the huge upside potential for the property.
Located less than 40 minutes to New York City, Newark Liberty International Airport and Port Newark/Elizabeth, 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.