PARSIPPANY, NJ—Choice Properties has acquired a 30,459-square-foot office building located at 140 Littleton Road in Parsippany, NJ from an owner that was not identified.
NAI Hanson's Josh Levering, SIOR and Andrew Kirshenbaum represented the seller in the transaction.
“140 Littleton Road is a great property in the Parsippany office submarket, which is one of the premier markets in the state,” says Levering. “The buyer was interested in a value-add investment property, and at 80-percent leased and with a fantastic location so close to the highways this was a perfect opportunity for them. The office market in New Jersey has been generally stale, but we have been seeing some good activity in this corridor as the assets here are just so well situated.”
The three-story office building is the closest premier office building to the intersection of Routes 287 and 80 and provides easy access to Routes 280, 24 and 78, the Garden State Parkway, the New Jersey Turnpike and Newark Liberty International Airport. New York City can be reached within 45 minutes.
CORRECTION, 6/3/2016: Because of an incorrect press release provided to GlobeSt.com by NAI Hanson's PR agency, an earlier version of this story identified Gisella Haidar as the seller of the building. Market participants not involved in the transaction pointed out the error to GlobeSt.com. NAI Hanson, through its agency, confirmed that this information was incorrect, but declined to identify the seller.
PARSIPPANY, NJ—Choice Properties has acquired a 30,459-square-foot office building located at 140 Littleton Road in Parsippany, NJ from an owner that was not identified.
NAI Hanson's Josh Levering, SIOR and Andrew Kirshenbaum represented the seller in the transaction.
“140 Littleton Road is a great property in the Parsippany office submarket, which is one of the premier markets in the state,” says Levering. “The buyer was interested in a value-add investment property, and at 80-percent leased and with a fantastic location so close to the highways this was a perfect opportunity for them. The office market in New Jersey has been generally stale, but we have been seeing some good activity in this corridor as the assets here are just so well situated.”
The three-story office building is the closest premier office building to the intersection of Routes 287 and 80 and provides easy access to Routes 280, 24 and 78, the Garden State Parkway, the New Jersey Turnpike and Newark Liberty International Airport.
CORRECTION, 6/3/2016: Because of an incorrect press release provided to GlobeSt.com by NAI Hanson's PR agency, an earlier version of this story identified Gisella Haidar as the seller of the building. Market participants not involved in the transaction pointed out the error to GlobeSt.com. NAI Hanson, through its agency, confirmed that this information was incorrect, but declined to identify the seller.
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
