34 Maple Ave. in Pine Brook — Courtesy: Weiss Realty
By Joshua Burd
A partnership has sold a 130,180-square-foot office and flex building just outside Parsippany, in a deal brokered by Weiss Realty.
In a news release, Weiss said it represented the sellers of 34 Maple Ave., a partnership including the principals of Englewood Cliffs-based CHT Group and Jaime M. Weiss, managing member of 34 Maple Avenue LLC. The brokerage identified the buyer as iStar Realty LLC.
Terms were not disclosed.
Matthew Weiss, vice president, handled the assignment for Moonachie-based Weiss Realty, while Greg Sabato and Scott Peck of Resource Realty of Northern New Jersey represented the buyer. Meyner & Landis of Newark acted as legal adviser to the seller, while Mandelbaum Salsburg of Roseland acted as counsel to the buyer.
“We recognized the property’s flexible zoning, making the building ideally suited for a variety of uses, and the buildings visibility and accessibility on busy Route 80, coupled with Pine Brook’s outstanding infrastructure created a good buying opportunity,” Weiss said. “We were able to complete the sale quickly.”
CHT Group is a family-owned company that has developed and managed residential and commercial properties since its founding in 1972 by Joseph G. Berardo, Weiss Realty said. Prior to the sale, Weiss acted as the exclusive property manager and leasing agent for the two-story building.
The property includes a dedicated ground-floor entrance, full-service cafeteria and parking for 550 cars.