Commercial Realty Group (CRG) of Parsippany, has purchased 7 Eastmans Road, a 142,620-square-foot industrial building, also in Parsippany. The transaction was negotiated by Jules Nissim, Stephen Elman, and Chris Kinum of global commercial real estate services firm Cushman & Wakefield. The team also represented the seller, a trust, and will handle marketing and leasing of the property for the new ownership, which is planning a major renovation.
“CRG will reposition the building to Class A status,” said Elman. “The company is launching a capital improvement program that will provide a complete upgrade of the property.”
The improvements include a new roof, new energy-efficient lighting, raised ceilings to 24-foot clear heights in approximately one-half of the building and upgraded landscaping. In addition, the enhancements will include reskinning of the building façade and new and upgraded loading docks, as well as additional parking to accommodate a ratio of four cars per 1,000 square feet.
“Once the upgrade is completed, the building will be available for lease and will be divisible to 20,000 square feet,” Elman said.
Property Offers Prime Location
Originally constructed in 1965 and subsequently expanded, 7 Eastmans Road is situated on nearly 10 acres at the intersection of I-80 and I-287, at the Parsippany Road exit of I-287. The property is 18 miles from Newark Liberty International Airport.
“This is a very strategic location, both from the standpoint of distribution and customer access, as well as the area’s strong labor pool,” Elman said. “We anticipate active interest following the renovation and look forward to representing what will become a modern and desirable industrial property.”