Newmark Associates said Feb. 4 it recently sold an investment property in northern New Jersey, a three-building transaction consisting of three standalone, one-story, vacant, retail buildings, totaling approximately 15,113 square feet with over 180 feet of frontage on a major thoroughfare in Morris County.
Deborah Myers, managing director, represented the seller, for whom this is the second transaction executed by Newmark during the pandemic. Newmark Associates has a long-term relationship with the seller’s attorney and the seller who was seeking a buyer with minimal contingencies in completion of the purchase.
Nancy Stanton-Tuckman, executive vice president, represented the buyer. While the buyer’s interest was in much-needed retail development in the area, there remains the possibility of other uses for the property. He engaged working with community members, local architects, and other trades for feedback on all ideas for optimal property usage.
Located at 196-200 Route 46, Parsippany plans to lease the property to an urgent care facility, grocery store, bakery, or other business of potential benefit to the community are in process.
Stanton-Tuckman commented that “It was a pleasure working with this buyer. We worked as a team to get this purchase to close even with specific challenges. I look forward to seeing this property fully leased in the coming months.”
Deborah Myers remarked: “The seller’s goal was challenging given the timing of selling retail during COVID, and some further unforeseen obstacles, but we stayed the course and closed before the end of the year.”
Formerly a grocery store, built in 2018 on approximately 1.73 acres of land, the property has abundant parking and excellent visibility on Route 46 West in a high traffic count area. Besides accessibility via Route 46 and Old Bloomfield Avenue, the property is close to Montville and New Jersey Transit commuter rail.
