520 Speedwell Ave. in Morris Plains — Courtesy: Newmark Associates
By Joshua Burd
An investor has acquired a 28,000-square-foot office building in Morris Plains for nearly $3.7 million, under a transaction arranged by Newmark Associates.
The brokerage firm represented both parties in the sale of 520 Speedwell Ave., a two-story property less than two miles south of Route 10. The freestanding building, which traded for $3.675 million, is home to tenants in industries ranging from the legal, insurance, education and health care sectors, providing what Newmark said was stability for an investment.
Newmark Sales Associate Lynda Cho completed the deal.
“It was a great pleasure to have worked with the seller again since Newmark Associates CRE represented them as buyers three years ago,” Cho said. “I am pleased that they trusted Newmark Associates and me to represent them for the sale of the property. Newmark Associates targeted marketing combined with the strength of the building generated great interest.”
She also cited the shrinking vacancy rates in northern New Jersey and a decline in supply for similar space. Built in 1965, 520 Speedwell Ave. is within walking distance of the Morris Plains train station and provides easy access to routes 10 and 24 and interstate 80 and 287.
“The buyer was attracted to this property as being fully occupied with a value-add component,” Cho said.
