140 Littleton Road in Parsippany — Courtesy: Colliers International
By Joshua Burd
A boutique multitenant office building in Parsippany is under new ownership, following a $3.5 million sale arranged by brokers with Colliers International.
The real estate services firm represented both parties in the sale of 140 Littleton Road, a 30,459-square-foot property just off interstates 80 and 287. An undisclosed buyer acquired the complex, which is 95 percent occupied and is home to 15 tenants in industries such as health care, technology, insurance and financial services.
The Colliers investment sales team included Executive Managing Director Jacklene Chesler, Managing Director Matthew Brown and Senior Financial Analyst Frank Summers.
“Colliers is proud to announce the sale of this boutique office property,” Chesler said. “Our team was able to find a perfect match between buyer and seller, with both parties coming away extremely satisfied. The property provides an impressive tenant roster and strong upside in terms of rent appreciation in a thriving submarket.
“We expect the buyer to benefit from this multi-tenanted investment property that will lead to rental appreciation and offers minimal tenant rollover risk.”
Colliers touted the building’s highway access and its proximity to NJ Transit rail and bus service. Originally built in 1986, the property has undergone renovations to its common areas, parking elevators, HVAC systems and roof.
