Lanidex Plaza in Parsippany — Courtesy: HFF
By Joshua Burd
An office park in Parsippany is under a single ownership for the first time in decades, HFF said, following an investor’s acquisition of seven properties on the campus.
In a news release Tuesday, HFF said it arranged the sale of 100 – 700 Lanidex Plaza to an affiliate of Milelli Real Estate Partners. The brokerage firm marketed the 335,060-square-foot complex on behalf of the seller, an affiliate of Hartford Investment Management Co.
Terms were not disclosed. The HFF team included Senior Managing Director Jose Cruz, Managing Director Kevin O’Hearn and senior directors Michael Oliver and Stephen Simonelli.
The acquisition comes three years after Milelli Real Estate Partners, through another affiliate, acquired 800-900 Lanidex Plaza. The deal gives the firm full control over a campus at the intersection of interstates 287 and 80, where it now plans to begin a total rebranding and repositioning of the park, HFF said.
The full nine-building campus spans about 450,000 square feet on 50 acres, while the seven-building portfolio features shared amenities such as a cafeteria and conference center. The property, which offers quick access to routes 10 and 46, has not been under one ownership in more than 30 years.
“Lanidex is a well-located office park with significant upside potential,” Cruz said. “The buyer can reposition the individual buildings by adding capital and releasing.”
