1 Wood Hollow Lane in Parsippany — Courtesy: Avison Young
By Joshua Burd
Boston-based Longpoint Realty Partners LP has completed a sale-leaseback in Parsippany, adding more than 135,000 square feet to its New Jersey portfolio.
According to Avison Young, which brokered the deal, Allstate Can Corp. will remain as a tenant at 1 Wood Hollow Lane after selling the building to the private equity firm. It will continue to use the space for warehouse and light manufacturing operations.
“This transaction allowed our client to remain in a building that has continually served their operational and business development needs while generating cash flow through its sale,” Avison Young’s Matthew Turse said. “As New Jersey’s industrial market continues to see demand outpace supply, the buyer of 1 Wood Hollow Road will greatly benefit from acquiring a well-occupied asset in one the state’s most coveted submarkets for industrial/flex space.”
Turse and Timothy Cadigan, both senior vice presidents with Avison Young, along with Associate Grant Otto, represented the seller and procured the buyer in the deal. They noted that 1 Wood Hollow Road sits on seven acres and includes 3,000 square feet of office space, 11 dock doors and 100 parking spaces.
The property is also minutes from interstates 80 and 287 and Route 46, providing routes to Newark Liberty International Airport, Port Newark-Elizabeth and New York City.
