"Parsippany Portfolio is comprised of smaller properties with small and mid-sized tenants," says CBRE's Jeffrey Dunne, part of the CBRE team that led the transaction. "I believe that Cornerstone's focus is on larger, class A properties."

GlobeSt.com continues to seek comment from Cornerstone regarding the timing of the decision to sell such a substantial portfolio.

CBRE's team of Dunne, Kevin Welsh, Brian Schulz and Frank Maresca represented Cornerstone Real Estate Advisers, with Jeremy Neuer of CBRE's East Brunswick office acting on behalf of a firm-managed fund. CBRE also identified the buyer, a joint venture between Lincoln Property Company and Red River Asset Management.

The buildings are 67% leased to 15 tenants with stability provided by 30 Lanidex, which is 100% leased on a long-term basis. The properties, which CBRE refers to as the “Parsippany Portfolio,” have historically averaged 90% occupancy, and recent demand in Parsippany has been strong coming out of the economic downturn. Small to mid-sized users (less than 15,000 square feet) have accounted for 77% of all lease transactions in the market in the past 12 months. This demand profile matches the available inventory in the buildings, which ranges from 2,500 to 15,000 sq. ft.

“The investment provides an exceptional purchase opportunity to strategically rebrand the Portfolio and continue building a strong market position based on the Portfolio's strong historical performance and exceptional regional location,” says Kevin Welsh, a CBRE senior vice president.