28 Eastmans Road in Parsippany — Courtesy: Newmark Associates
By Joshua Burd
Two Morris County commercial buildings have changed hands for a combined $7.5 million, in a set of newly announced transactions by Newmark Associates.
In the larger deal, the firm represented the owner of Millennium Systems International in its sale of 28 Eastmans Road, a three-story property in Parsippany with 47,500 square feet of office space. Micrologic Associates, a technology company, purchased the asset for $6.4 million.
“Both seller and purchaser are in very similar businesses, the sale of management software systems,” said Nancy Stanton-Tuckman, an executive vice president with Newmark Associates. “Millennium, the majority of whose 250 employees had elected to work remotely, resulted in the determination to sell the building. Micrologic, car wash and quick lube management system experts, needed to expand their marketing department and required additional office space. It really was a win-win situation.”
The Cedar Knolls-based brokerage firm announced the deal Friday, noting that the buyer needed to finalize the sale before the end of 2021. Micrologic Associates was among several would-be buyers to make an offer on the building, which sits on 4.82 acres and has 9,000 square feet of storage on the lower level accessible by a freight elevator and an outer loading dock.
Newmark Associates added that 28 Eastmans has 150 parking spaces and several communal areas for collaborative work, with an office set up for green screen and video production. Millennium purchased the building in 2012 and went on to upgrade the lobbies, elevator and amenities.
Tuckman also brokered the $1.1 million sale of 6 Bartley-Chester Road, a 10,000-square-foot industrial building in the Flanders section of Mount Olive. She noted that the two-story warehouse, built in 1980, is zoned for multiple uses and is half-occupied by a daycare center that has parking and an outdoor recreation area on the premises.
The building provided an investment opportunity for the buyer, whose business previously occupied several leased spaces and will also use the location to construct a modern office and flex space for its operation.
“This sale presented multiple challenges relevant to the presence of the daycare center and its requirements for this type of use on the property,” Tuckman said. “It was the working relationship and ability of both brokers to problem solve all these challenges that allowed for the final sale of this building. It was a cash offer with no contingencies that awarded the property to the buyer.”
