100 Phillips Parkway in Montvale — Courtesy: JLL
By Joshua Burd
A private investor has purchased a nearly 80,000-square-foot office and research complex in Montvale, according to brokers with JLL’s New Jersey capital markets team.
Located at 100 Phillips Parkway, the property sits on 11.2 acres just east of the Garden State Parkway and within a submarket that has seen several key redevelopment projects in recent years. JLL noted that the single-story, 79,007-square-foot building was renovated in 2001 and is currently 37 percent leased, serving as a multitenant research facility.
Terms were not disclosed, while the buyer’s plans for the site were not immediately clear Thursday.
“The property’s prime location helped garner interest from numerous investors including several with varying highest and best uses,” JLL’s Kevin O’Hearn said. “We have no doubt that the new owner will do very well with it.”
O’Hearn represented the undisclosed seller alongside Jose Cruz, John Cahill, John Cunningham, Michael Oliver, Steve Simonelli and Nick Stefans. In a news release, JLL noted that 100 Philips Parkway is within walking distance of The Shoppes at DePiero Farm, a retail destination anchored by Wegmans, and a new mixed-use redevelopment at the former Mercedes-Benz headquarters site in the township.
The site is also minutes from Rockland and Westchester counties in New York and provides access to New York City.
