By Tina Traster
Colliers has facilitated the sale of a 19,298-square-foot boutique office building in Parsippany for $4.4 million to a private New Jersey-based investor.
According to the brokerage team, Vice Chair Jacklene Chesler and directors Patrick Norris and Joe Lane completed the sale on behalf of the seller. The two-story building, located at 150 Smith Road, was built in 1986 and has served as the corporate headquarters for a leading janitorial, maintenance, security and concierge service company since 2005.
Colliers received 14 bids on the property and closed the deal at $228 per square foot, the highest price per square foot for an office trade in Parsippany within the past five years, when tracking properties of 10,000 square feet and greater. The sale was completed through Ten-X, an online commercial real estate auction platform.
“The interest we received in this asset is proof of the ongoing strength and investor interest for the New Jersey suburban office market. Although this single tenant building isn’t a triple net lease, we received a high volume of bidders during the marketing process,” Chelser said. “Our team’s extensive market knowledge allowed us to arrange a sale that will benefit all parties in both the near and long term.”
The building is located 45 minutes from Manhattan by car or train, is only a few hundred feet from an NJ Transit bus stop and is located just off Interstate 287, where Interstate 80 interchanges.
