Colliers International has arranged the $14.1 million sale of Intel Corporate Center located at 1515 Route 10 in Parsippany. The new owners have yet to announce their plans for the property, a well-located two-building asset in the heart of the Parsippany market, which will likely draw attention from a wide array of space users.
An affiliate of Stanbery Development, LLC and the developer/owner of The Shoppes at Union Hill in Denville acquired the complex.
The three-story buildings, which total 288,742 square feet, are currently triple net leased to the Intel Corporation through December 31, 2015. Intel, a global company and maker of semiconductor chips, has vacated the property.
The first building is 213,742 square feet and features a dramatic atrium with marble floors, while the second building is 75,000 square feet. Both assets provide a total of 930 feet of frontage on Route 10 and feature on-site amenities including a full-service cafeteria, professional gym facility, conference areas, and an outdoor terrace with seating.
“The new owner acquired a unique, value-add opportunity and has the ability to rebrand and reposition the asset during Intel Corporation’s remaining term, benefitting from the tenant’s in-place credit cash flow,” said Jacklene Chesler, managing director at Colliers International, who along with executive managing director Richard J. Madison, executive managing director Jeffrey Oram, and associate Chuck Kohaut represented the seller in the transaction.
Chesler added that the above average $49 per square foot price achieved for 1515 Route 10 –– as compared to GAF’s 2013 acquisition of a similar office asset located across the street at One Campus Drive –– is a testament to the growing strength of the market, Morris County’s fundamentals, and the value of the property’s location on Route 10, bordering the intersection of Routes 287 and 80.
The Intel Corporate Center at 1515 Route 10 is in close proximity to the Downtown Morristown and Morristown Airports as well as the Morristown and Morris Plains Train Station, which offer direct service to Manhattan.