CBRE Group, Inc., New Jersey’s largest commercial real estate brokerage firm, completes the sale of 20 East Halsey Road in Parsippany – a 75,000-square-foot industrial flex property – for $3.3 million.
Located on 7.8 acres of land, 20 East Halsey Road has been vacant for more than 20 years and was allowed to fall into a complete state of disrepair. The new Long Island-based owner, GTJ Reit, which owns numerous industrial flex properties in the region, plans to fully refurbish the property to accommodate either a single or multiple tenants. The property is located ideally at a full four-way interchange on Interstate 287, offering excellent visibility for the owner and future tenants.
“We’re especially excited to see this property come back to life because of its many potential uses,” said Thomas Mallaney, first vice president, CBRE. “Once refurbished, the building could hold anything from office space to data centers and could even serve as a warehouse. It’s not too often that you see a space in such poor condition have the opportunity to make a huge comeback in the market.”
The CBRE team of Mr. Mallaney and Susan Branch, project & marketing coordinator, represented the buyer in the transaction. Mr. Mallaney had a previous relationship with the seller of the property, a non-profit organization, and was able to negotiate between the buyer and seller to bring the transaction to fruition. GTJ Reit will continue to maintain its relationship with CBRE by using the team, along with Stephen Sander, vice president, as the exclusive leasing agents for the property.