22 Route 10 in Succasunna — Courtesy: Resource Realty of Northern New Jersey
By Joshua Burd
An investor has sold a fully leased, 8,000-square-foot corporate and medical office building in Morris County, in one of three recent deals by Resource Realty of Northern New Jersey.
The seller, which was undisclosed, secured a price of $1.78 million for the property at 22 Route 10 in the Succasunna section of Roxbury, according to a news release. The trade follows a 2,700-square-foot lease at the two-story building, which fronts one of Morris County’s primary roadways with high visibility and prominent signage.
Brian Wilson, a principal with Resource Realty, represented the now-former owner in both deals. He also represented the tenant, Accudraft, a manufacturer of finishing systems and paint booths for the automotive, aircraft, marine vessel and train and railcar industries.
“At the 22 Route 10 office building, for which we orchestrated the sale four years ago, Resource Realty arranged three new leases to render it fully occupied, which in turn delivered on ownership’s repositioning strategy and ultimate disposition,” Wilson said.
The veteran broker also represented both parties in a lease in nearby Randolph, where Astute Academics took 1,950 square feet at 6 Emery Ave. The provider of tutoring, SAT/ACT prep and virtual learning support services will be among the newest tenants at the 15,000-square-foot, single-story office building, which was constructed in the mid-1980s and has 63 paved-surface parking spaces.
“Well-located, small to midsized community office centers have tremendous allure for investors as well as small business enterprises because of their established presence and distinct profile,” Wilson said. “In terms of performance, they offer tenants flexibility and ownership a steady income stream.”
