1295 Route 46 in Parsippany — Courtesy: The Kislak Co. Inc.
By Joshua Burd
A local property owner has acquired a former bank branch property in Parsippany for $3 million, brokers with The Kislak Co. Inc. announced Friday.
The one-acre site, located at 1295 Route 46, sits directly on the highway’s eastbound side and has a drive-thru and on-site parking. The undisclosed buyer now plans to redevelop the 4,600-square-foot building to prepare it for a new tenant.
“The property had recently been vacated by Capital One and we had an ideal opportunity for a longtime locally based client to acquire an additional property adjacent to others in his portfolio,” said Tom Scatuorchio, a vice president with Kislak. “Given his strength and broader vision for the future development of the Route 46 corridor, he was able to close despite a difficult market.”
Scatuorchio and Kislak Executive Vice President Matt Weilheimer arranged the off-market sale on behalf of both parties.
“Given the challenging market we are currently operating in, we facilitated a creative financing structure that benefited both the seller and purchaser,” Weilheimer said. “We were happy to work with professional and determined clients to bring this deal to a close.”
