1259-1269 Route 46 in Parsippany — Courtesy: The Kislak Co. Inc.
By Joshua Burd
A private investor has sold a four-building, 126,000-square-foot office complex in Parsippany for $10.5 million, in a deal arranged by The Kislak Co. Inc.
The property, located at 1259-1269 Route 46, is a collection of low-rise buildings sitting on 10.55 acres. Kislak announced the deal Monday after marketing the 79 percent leased complex on behalf of the seller, while identifying the buyer as Shree Parsippany Developers LLC.
“This was an extremely complex property to sell and finance given the current state of the office market,” said Tom Scatuorchio, a vice president with Kislak. “The transaction began in the early months of the COVID-19 crisis in May 2020 and took a tremendous amount of effort from all parties involved to close nearly a year later.”
Scatuorchio noted that most of the leases at the Troy Office Center have automatic renewal clauses, providing additional upside for the new owner. He also touted its access to major highways, including Interstate 80, and its potential for partial or full redevelopment.
The deal marks Scatuorchio’s third large office or retail transaction with the buyer, he said, while highlighting the asset’s 670 feet of frontage on eastbound Route 46 and its proximity to hotels, daycare, banks and other retail offerings.
