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.

The three-story buildings, which total 288,742 square feet, were owned by a special servicer are currently triple net leased to the Intel Corporation through year-end, but Intel does not have a presence in the buildings. Dovetail Systems, an online payments solution provider, occupies about 20,000 square feet in the smaller of the two buildings on the property.

The first building is 213,742 square feet and features a dramatic atrium with marble floors, while the second building is 75,000 square feet. Both assets provide a total of 930 feet of frontage on Route 10 and feature on-site amenities including a full-service cafeteria, professional gym facility, conference areas, and an outdoor terrace with seating.

“The new owner acquired a unique, value-add opportunity and has the ability to rebrand and reposition the asset during Intel Corporation's remaining term, benefitting from the tenant's in-place credit cash flow,” says Chesler, who along with executive managing director Richard J. Madison, executive managing director Jeffrey Oram, and associate Chuck Kohaut represented the seller in the transaction.

Chesler added that the above average $49 per square foot price achieved for 1515 Route 10 –– as compared to GAF's 2013 acquisition of a similar office asset located across the street at One Campus Drive –– is a testament to the growing strength of the market, Morris County's fundamentals, and the value of the property's location on Route 10, bordering the intersection of Routes 287 and 80.

The Intel Corporate Center is close to the Downtown Morristown and Morristown Airports as well as the Morristown and Morris Plains Train Station, which offer direct service to Manhattan.