9 Entin Road in Parsippany — Courtesy: Newmark Knight Frank
By Joshua Burd
A nearly 200,000-square-foot office building in Parsippany has changed hands among well-known landlords, following a sale arranged by Newmark Knight Frank.
The firm announced Tuesday that Lincoln Property Co. and an institutional partner have sold The 9 at Parsippany, a 196,894-square-foot property at 9 Entin Road. American Equity Partners, a private firm based in Edison, acquired the building for an undisclosed price.
The NKF capital markets team of Kevin Welsh, Brian Schulz and Chuck Kohaut represented the sellers and procured the buyer, touting the substantial upside through the lease-up of about 55,514 square feet of vacant space. The 9 at Parsippany is 72 percent leased to a mix of corporate headquarters and high credit tenants including Tilcon NY, Aetna, Med Metrix and HNTB.
“The property’s durable in-place cash flow and significant upside were appealing to American Equity Partners,” said Welsh, an executive managing director based in the firm’s Rutherford office. “They are well-positioned to benefit from the Route 10 corridor’s ongoing transformation into a dynamic mixed-use environment that will continue to drive tenant demand.”
The property sits directly off Interstate 287, NKF said, while also pointing to new amenities in the submarket such as the recently opened Wegmans adjacent to the site. Several new multifamily developments are also underway in the Route 10 corridor.
“We are excited to add 9 Entin to our portfolio of high-quality properties,” said David Elkouby, the founder of American Equity Partners. “We are looking forward to continuing our mission of providing a first-class experience to our tenants at this building.”
