Boulevard Plaza in Parsippany has traded hands in a competitively bid sale orchestrated by Cushman & Wakefield’s Metropolitan Area Capital Markets Group. A private investor purchased the 86,000-square-foot, five-story office building located at 1055 Parsippany Blvd. from its owner of more than 25 years.
Boulevard Plaza is currently 85 percent leased to 33 tenants. The building offers affordable space with the advantage of 24-hour access and a grab & go café on site. “With 15,000-square-foot floor plates, this asset is very well sized for the immediate market,” noted Cushman & Wakefield’s David Bernhaut, who handled the sale with team members Andrew Merin, Gary Gabriel, Brian Whitmer, Andrew Schwartz and Frank DiTommaso. “Boulevard Plaza caters specifically to smaller users, and its flexible floor plans easily divide as small as 1,000 square feet. In turn, its extensive and diverse tenant roster minimizes rollover risk”, said DiTommaso.
The property is located along Route 46 at the intersection of I-80 and I-287, two of Northern New Jersey’s major commuter roadways. Visible from I-287, Boulevard Plaza also provides immediate access onto Routes 202 and 10. This highly amenitized and accessible location provides excellent proximity to local hotels, retail shopping, and quality residential areas.
“Parsippany, and the larger Morris County market, is recognized as a premier location for business and known for its affluence, diversified housing and deep labor pool,” Schwartz said. “The opportunity to purchase a quality, value-add office building with excellent historical occupancy levels attracted significant investor interest.”
Based in East Rutherford, Cushman & Wakefield’s Metropolitan Area Capital Markets Group specializes exclusively in investment sales of office, industrial, multifamily and retail properties throughout New Jersey, New York, Fairfield County, Conn., Pennsylvania, and Delaware. The team has completed $21.7 billion worth of transactions since 2000, closing on $2.0 billion in 2015.Related Articles: