196-200 Route 46 in Parsippany — Courtesy: Newmark Associates
By Joshua Burd
Three freestanding retail buildings along Route 46 in Parsippany have changed hands, following a sale arranged by brokers with Newmark Associates.
A private seller completed the deal, which comprises 15,113 square feet at 196-200 Route 46, less than a half-mile west of New Road. In a news release, the brokerage team said the unnamed buyer has expressed interest in re-leasing the vacant buildings to new retailers, but could find other uses for the site.
Newmark’s Deborah Myers and Nancy Stanton-Tuckman represented the seller and buyer, respectively.
“It was a pleasure working with this buyer,” said Stanton-Tuckman, an executive vice president with the Cedar Knolls-based firm. “We worked as a team to get this purchase to close even with specific challenges. I look forward to seeing this property fully leased in the coming months.”
With more than 180 feet of frontage along Route 46, the property includes a former grocery store built in 2018, Newmark said. Besides accessibility via Route 46 and Old Bloomfield Avenue, the property is close to Montville and NJ Transit commuter rail service.
The buyer is now engaging community members, local architects and other trades for feedback on the property’s optimal property, the news release said. The site is zoned B-2 with permitted uses including professional offices, theaters, indoor recreation, laundry and cleaning services, laboratories, medical and dental offices and restaurants, in addition to new car and truck sales and service.
“The seller’s goal was challenging given the timing of selling retail during COVID, and some further unforeseen obstacles, but we stayed the course and closed before the end of the year,” said Myers, a managing director with Newmark.
The team added that the retail sector “is going through a transformation or repositioning from brick and mortar to general use such as medical, urgent care or physical therapy. Perfect uses are geared for those requiring a destination to get something accomplished, including recreation and personal care. This will be an ideal space for any of those uses.”