343 Walsh Drive in Parsippany — Courtesy: NAI James E. Hanson
By Joshua Burd
An industrial building in Parsippany is now fully leased after a pair of newly completed transactions by NAI James E. Hanson, the real estate services firm announced.
In the larger deal, Worldpac renewed its 43,419-square-foot lease at the property at 343 Walsh Drive, according to a news release. The auto parts distributor occupies more than half of the 70,588-square-foot building, which sits just over a mile from Route 46 and Interstate 80 and serves as one of more than 100 facilities within its distribution and fulfillment network.
Meantime, Silk Road Wholesale & Distributors signed a new lease at the property for 27,169 square feet. The company is relocating after outgrowing a 10,000-square-foot facility in Fair Lawn, NAI Hanson said, noting that the business imports and supplies nuts, dried fruits, herbs and spices.
NAI Hanson’s Scott Perkins, Christopher Todd, William Ericksen and Dena Scott represented the landlord, Cranberry Realty, in both transactions. Jules Nissim of Cushman & Wakefield and Chad Hillyer of JLL represented Worldpac and Silk Road, respectively.
“We continue to see the emergence of the Morris County submarket as the next industrial hotspot,” Perkins said. “Owing to its relative affordability compared to markets further east and its ideal accessibility, we expect to see growing demand for properties like 343 Walsh Drive in the quarters to come. In highly fluid market conditions like this, it is crucial that landlords partner with a brokerage team that possesses the market knowledge and local area contacts needed to successfully secure short and long-term fair market value for their assets.”
NAI Hanson announced the deals Tuesday, noting that 343 Walsh Drive has 22-foot ceiling heights, seven tailgates and two drive-ins.
