436,531-SF Portfolio Sale Fetches $49.6 Mil

PARSIPPANY, NJ-The national economy might be staggering a bit, but real estate properties are still hot in the Garden State, which has largely been unaffected by the national spate of layoffs and other economic woes. For example, JP Morgan, which has since merged its holding company with Chase Manhattan, not long ago bought a portfolio of commercial properties in New Jersey on a wholesale basis and turned around and began marketing them on a “retail” basis. And the first portion of that portfolio has quickly been moved.

In a deal brokered by Cushman & Wakefield of New Jersey in East Rutherford, on behalf of JP Morgan, Ivy Equities has acquired a 436,531-sf package for $49.6 million. The five-year-old Ivy Equities, based in Clifton, NJ, has quickly established a presence in the tri-state area for buying and managing undervalued commercial properties.

The seven-property acquisition includes a half dozen office buildings and a parcel of land. The one property outside of Parsippany is the 333 Route 46 building in Mountain Lakes, NJ. In Parsippany, the existing buildings include 299 Cherry Hill Rd., 1633 Littleton Rd., 4 Woodhollow Rd., and 10 and 30 Lanidex Plaza West. Collectively, the buildings are 95% leased, with a tenant roster that includes Newsweek, Fleet Healthcare Finance, Allen-Bradley, AON, Booz Allen and Thomas Ferguson Associates. The six-acre parcel of land at 20 Lanidex Plaza West is approved for 78,000 sf of office space.