Cushman & Wakefield Retained to Sell Parsippany Industrial Flex Building

On May 23, 2016

Cushman & Wakefield is exclusively marketing 60 E. Halsey Road., a 67,343-square-foot industrial/flex building in Parsippany for sale. Marc Trevisan, executive vice president, Brian Whitmer, senior director, and Andrew Schwartz, director, of the firm’s East Rutherford-based Metropolitan Area Capital Markets Group, are representing the owner Halsey Road Associates.

The building is currently occupied by Kent International, a manufacturer and distributor of bicycles and biking accessories. Due to that company’s business expansion and outgrowing this location, the building is to be delivered vacant. The size and configuration of the building perfectly suits the needs of a company looking for office and distribution space in a headquarters-quality environment, according to Trevisan.

“The marketing is focused on finding an end user as the buyer,” added Whitmer. “The key factor is that the building and parking can be expanded,” he said. “The building’s site coverage is currently 30 percent, and 35 percent coverage is allowable, providing substantial upside potential for this offering.”

The asset’s configuration includes 13,000 square feet of office space, with the remainder warehouse space with 16-foot ceiling heights, which could be raised similar to what owners have done at neighboring properties. The five-acre site is just a half mile from a four-way interchange of I-287, has direct access to Routes 46 and 80, and a New Jersey Transit bus stop is nearby.

“It is a meticulously-maintained building, with the entire office space renovated a few years ago, a new roof and a natural gas back-up generator,” said Trevisan. “We are seeing a great deal of interest in this opportunity, and are getting excellent, very positive feedback from user prospects who have toured the property and recognize the rarity of an opportunity to own versus rent in the greater Parsippany area.”

Related Articles: