10 Lanidex Plaza West in Parsippany — Courtesy: CBRE
By Joshua Burd
Lincoln Property Co. has reaped $9 million from the sale of a three-story, 75,049-square-foot office building in Parsippany, brokers with CBRE announced Monday.
In a news release, CBRE said it represented the global real estate firm in its disposition of 10 Lanidex Plaza West, part of a 6.23-acre property off Parsippany Road. MSM Equities acquired the complex, which sits at the intersection of interstates 80 and 287.
“During these historic, unprecedented economic times, there was tremendous collaboration among ownership, the buyer and all the sales professionals involved to ensure a timely and efficient closing,” said Charles Berger a senior vice president with CBRE’s tristate investment properties team. “In addition, MSM Equities exhibited tremendous fortitude and attention to detail in acquiring a multitenant property with a stable, long-term tenant base and with the opportunity to add value as the remaining space is leased.”
Berger completed the transaction for CBRE alongside Elli Klapper and Mark Silverman. The firm noted that A&T Services’ Thomas Mallaney, also represented LPC in the sale negotiations, following his role earlier this year in securing a 31,442-square-foot lease at the office property with Solix Inc.
The deal paved the way for the eventual sale of the asset at an improved price, the news release said. CBRE also noted that its New Jersey project management team was tapped to manage the build-out of Solix’s office space.
In announcing the deal, CBRE touted the property’s extensive, highly visible frontage on I-80, along with its three-story atrium with new landscaping and on-site parking.