34 Corporate Plaza in Pine Brook — Courtesy: Colliers International
By Joshua Burd
A private investor has paid $2.5 million for an office building just outside Parsippany, in a value-add deal brokered by Colliers International.
In a news release, the real estate services firm said it arranged the sale of 34 Corporate Plaza in Pine Brook. Located at 34 Maple Ave., directly at an entrance to Interstate 80, the 130,000-square-foot office building has a history of blue chip tenants such as Pitney Bowes and Echostar, but is currently 14 percent occupied.
Brokers with Colliers noted the property has industrial I-1A zoning, meaning it has more than 25 permitted uses including office, medical, nursing homes and assisted living facilities, the news release said. Other uses include laboratories, warehousing, wholesale distribution and fitness centers.
“The permitted zoning along with exceptional highway access drew significant investor interest for 34 Corporate Plaza,” Jackie Chesler, a senior managing director and head of Colliers’ New Jersey investment sales practice, said in a prepared statement. “Good things are happening in the Parsippany office submarket, which has seen over 300,000 square feet of leasing activity in five of the last six quarters.
“The availability rate has dropped nearly 5 percentage points in the last 18 months.”
The deal follows another recent Morris County investment sale for Colliers, whose New Jersey office is based in Parsippany. Headed by Chesler, Richard J. Madison and Jonathan Schlussel, the investment sales team in August brokered the $7.6 million sale of Kemble Plaza I in Morris Township.
The 387,000-square-foot, Class A asset, at 340 Mount Kemble Ave., is the former corporate headquarters of AT&T. Onyx Equities acquired the 40-acre property.
“Kemble Plaza I is one of only six buildings in Morris County with at least 125,000 square feet of contiguous available space, making it an ideal candidate for repositioning or redevelopment,” Chesler said. “Additionally, the Morris Township administration is forward-thinking and interested in examining potential reuses, which added further appeal to the offering.”
In late summer, Chesler’s team closed nearly 1.2 million square feet in property dispositions in northern New Jersey, the news release said. Last month, the team arranged the sale of Continental Plaza, a 650,000-square-foot office building in Hackensack.
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