Boulevard Plaza in Parsippany, NJ, Trades Hands

Boulevard Plaza, 1055 Parsippany Blvd., Parsippany, NJ

PARSIPPANY, NJ—Boulevard Plaza in Parsippany has traded hands. A private investor who was not identified purchased the 86,000-square-foot, five-story office building located at 1055 Parsippany Blvd. from New York-based Boulevard Plaza Associates, its owner of more than 25 years.

Boulevard Plaza is currently 85 percent leased to 33 tenants. The building offers affordable space with the advantage of 24-hour access and a grab & go café on site. The transaction came from a competitively bid sale orchestrated by Cushman & Wakefield’s Metropolitan Area Capital Markets Group.

“With 15,000-square-foot floor plates, this asset is very well sized for the immediate market,” says Cushman & Wakefield’s David Bernhaut, who handled the sale with team members Andrew Merin, Gary Gabriel, Brian Whitmer, Andrew Schwartz and Frank DiTommaso.