201 Littleton Road in Morris Plains — Courtesy: Cushman & Wakefield
By Joshua Burd
Chopp Holdings has sold a more than 89,000-square-foot office building in Morris Plains for $10.25 million, in a newly announced deal by Cushman & Wakefield.
The buyer, an affiliate of Agadia Systems Inc., will use the property as a new world headquarters after completing the transaction at 201 Littleton Road, according to a news release. That provides the health care management technology firm with a site that’s easily accessed from interstates 287 and 80, Route 10 and other major highways, while employees will be surrounded by retail and dining amenities and significant residential development.
Cushman’s David Bernhaut, Frank DiTommaso, Andrew Schwartz, Jordan Sobel, Andre Balthazard, Dan Bottiglieri and Bill Baunach represented the seller and procured the buyer, which was listed SiriVarsha LLC. Additionally, a C&W debt, equity and structured finance team of Brian Anderson and Eddie Miro arranged the financing on the buyer’s behalf.
“201 Littleton Road presented a unique opportunity to acquire a well-occupied office asset with significant in-place cash flow and value-add potential,” Sobel said. “The property’s recent leasing momentum, which includes five new deals totaling over 22,000 square feet, demonstrates the sustained demand for high-quality, well-located office space in the New Jersey market.”
The brokerage team added that 201 Littleton Road, which sits on 16.5 acres, has a distinctive park-like setting with lake views and outdoor terraces. The three-story, 89,100-square-foot building also has a recently refreshed lobby and common areas, with an average suite size of some 4,700 square feet that caters directly to current market demand.
“The team at Chopp Holdings has done an excellent job throughout the course of their ownership, and we are pleased to have had the opportunity to represent them while securing a long-term buyer for the property,” DiTommaso said.
