A 75,049-square-foot, multi-tenant office building in Parsippany, 10 Lanidex Plaza West, was recently sold for $8.9 million. To whom isn’t clear.
CBRE announced Tuesday that the property was sold by 10 Lanidex Plaza LLC, but it would only say that the buyer is a New Jersey-based private investor making its first office property acquisition in Morris County. It did announce that the new ownership plans to enhance the asset through additional amenities including a cafeteria, while leasing the remaining vacant space.
CBRE’s Charles Berger spearheaded the marketing campaign for the property and represented the seller in the negotiations. CBRE also procured the buyer.
“This is an impressive price for New Jersey office product in the current sales climate,” Berger said. “The buyer was attracted to the property’s stable tenancy, strong cash flow and premier Parsippany location. In today’s market, investors pursue opportunities that offer both reliable, in-place income and attractive value-add potential.”
Located in the heart of Parsippany’s office corridor, 10 Lanidex Plaza West benefits from convenient access to major transportation routes and a strong regional business environment. The three-story office property was approximately 84% leased at the time of sale and features a diverse tenant roster spanning healthcare, medical imaging, professional services, technology, wellness and fitness uses.
The transaction represents a full-circle moment for Berger, who originally sold the property to its previous owner in 2020 before facilitating this disposition approximately six years later. The sale follows another office investment transaction his team completed last year in Parsippany involving an 80,000-square-foot office building on Cherry Hill Road and reflects the strong activity CBRE is seeing throughout the market.
