PARSIPPANY, NJ–Colliers International has arranged the $14.1 million sale of Intel Corporate Center located at 1515 Route 10 in Parsippany, NJ. An affiliate of Stanbery Development, LLC and the developer/owner of The Shoppes at Union Hill, about five miles away in Denville, acquired the complex.
The new owners haven't announced their plans for the property, a two-building property in the heart of the Parsippany market. The owners are meeting with the municipality and “working with the mayor's office to determine the overall use for that property,” Jacklene Chesler, managing director at Colliers International, tells GlobeSt.com exclusively.
Some market participants suggest the property is likely to be redeveloped for mixed uses including lifestyle retail centers and some office use.
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