201 Littleton Road in Morris Plains — Courtesy: Cushman & Wakefield
By Joshua Burd
Mack-Cali Realty Corp. has shed another piece of its legacy office portfolio with the sale of a nearly 90,000-square-foot building in Morris Plains, brokers with Cushman & Wakefield said.
The real estate services firm on Tuesday announced the sale of 201 Littleton Road, a three-story building off Route 10, after marketing it on behalf of Mack-Cali. Local investor Chopp Holdings acquired the property for an undisclosed price.
A Cushman & Wakefield team led by Andrew Merin, Andrew Schwartz and Kubby Tischler completed the assignment.
“This represented an opportunity to reposition — as a best in class, small- to midsize tenant building — and re-tenant nearly 50,000 square feet in a park-like setting on more than 16 acres,” Schwartz said. “It generated significant interest from private local investors who understand the market.
“The property’s Morris Plains location will allow Chopp Holdings to draw boutique tenants looking to locate themselves in proximity to the nearby Fortune 500 and other major national and international companies, including MetLife, BASF, Realogy, Bayer, Zoetis, Medicines Company, Honeywell, GAF and Summit Medical Group to name a few.”
The 88,910-square-foot complex was 44 percent leased at the time of the sale, with the State of New Jersey occupying 24 percent of the space, C&W said. The firm touted the nearby retail and dining offerings of Route 202 and Route 10, including Wegmans and Zinburger.
It also noted that 201 Littleton Road is adjacent to Signature Place, a recently built, 197-unit luxury rental community by Roseland Residential Trust. The developer, a Mack-Cali subsidiary, constructed the project after razing one of the real estate investment trust’s obsolete office building at the site.
“The asset will benefit from the strong surrounding demographics and retail options including the Hilton, Marriott, Ruth Chris Steakhouse and the recently constructed Wegmans supermarket,” Tischler said. “201 Littleton Road’s fundamentals include abundant windowed offices with lake views and an excellent parking ratio.
“The property’s flexible floor plates offer options for a wide range of tenants, while a travertine marble façade and exterior terraces with pond views add to the overall attractiveness of the asset.”
