Holliday Fenoglio Fowler, L.P. (HFF) announces the sale of 100 – 700 Lanidex Plaza, a seven-building office complex totaling 335,060 square feet in Parsippany.
The HFF team marketed the property on behalf of the seller, an affiliate of Hartford Investment Management Company, and procured the buyer, 1H7H Lanidex, LLC, an affiliate of Parsippany-based Milelli Real Estate Partners (MREP).
Lanidex Plaza comprises seven office buildings that share amenities, including a full-service cafeteria and conference center. The two and three-story properties are located at 100-700 Lanidex Plaza on a 33.72-acre site that is adjacent to the intersection of Interstates 287 and 80 in New Jersey’s Morris County. This location is also convenient to State Routes 10 and 46, which are some of northern New Jersey’s densest retail corridors.
Combined with the 2015 purchase of 800-900 Lanidex Plaza by 8H9H Lanidex, LLC, also an affiliate of Milelli Real Estate Partners (MREP), 100-900 Lanidex Plaza is now owned by one ownership for the first time in over 30 years. The ownership is committed to total rebranding and repositioning of this park, which totals approximately 450,000 square feet on 50 acres and is one of the most desirable locations in the state.
The HFF investment advisory team representing the seller included senior managing director Jose Cruz, managing director Kevin O’Hearn and senior directors Michael Oliver and Stephen Simonelli.
“Lanidex is a well-located office park with significant upside potential,” stated Cruz. “The buyer can reposition the individual buildings by adding capital and releasing.”
HFF and Holliday GP Corp. (“HFF”) are licensed New Jersey real estate brokers.
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