Colony Plaza at 1180-1220 Route 46 in Parsippany — Courtesy: The Kislak Co. Inc.
By Joshua Burd
A private investor has sold a mixed-use commercial property in Parsippany for nearly $4.4 million, under a newly announced transaction by The Kislak Co. Inc.
Brokers with the firm represented the seller in the transaction at 1180-1220 Route 46, the site of a 40,000-square-foot office and retail complex known as Colony Plaza. The buyer, also a private investor, paid $4.375 million for the property.
“Our close relationships with both the seller and purchaser enabled us to utilize creative solutions to overcome several complicated hurdles in order to ultimately close the transaction,” said Tom Scatuorchio, a sales associate with Kislak, who brokered the sale alongside Senior Vice President Matt Weilheimer.
Sitting on 3.2 acres, Colony Plaza consists of three existing buildings in a B-2 Zoning Highway Development District, Kislak said. The property provides easy access to Route 10 and Interstate 287, with proximity to major national brand tenants such as Target, Michaels, LA Fitness, ShopRite, Staples and Bed Bath & Beyond.
“In my 25 years selling real estate, I have never seen so many complex challenges to closing a deal,” Weilheimer said. “It is a credit to the seller and purchaser and their professionalism that we were able to cross the finish line.”