712-718 and 720-726 Speedwell Ave. in Morris Plains — Courtesy: JLL
By Joshua Burd
The longtime owner of two mixed-use buildings and a warehouse in Morris Plains has sold the portfolio for $2 million, in a newly announced deal by JLL.
According to the brokerage team, the properties include a two-story, 6,280-square-foot building at 712-718 Speedwell Ave. and an adjoining 4,140-square-foot building at 720-726 Speedwell Ave. The structures are home to the Morris Plains Pharmacy and two additional retail stores, while they have a combined five apartments on the upper floors.
The third building, 3 Franklin Place, is a freestanding 3,500-square-foot warehouse.
“This portfolio is a rare asset in a tight market with an affluent population, highly rated schools and direct train service to New York City,” said JLL Vice President Blake Shanaphy, who worked with both the buyer and seller to arrange the transaction. “With in-place cash flow from the retail, upside potential from apartment upgrades and a vacant warehouse to lease, the buyer has secured significant long-term ROI as he continues to grow his portfolio.”
Shanaphy noted that the seller, 712 Speedwell Realty LLC, is a longtime owner-occupier whose principals decided to sell their business and accumulated property to retire. The deal with Danny Levato, a local real estate investor, marked just the second time in nearly 60 years that the properties changed hands.
JLL added that the buildings are served by a five-vehicle outdoor parking lot contiguous to the Morris Plains train station and at a signalized intersection, offering strong retail visibility and convenient commuting options. There is a 60-car municipal parking lot behind the property.
New ownership has retained Shanaphy to lease the warehouse, a single-story property previously used as an engine repair shop, which Levato plans to white box for potential users.