Update: This story was updated 10/7/2014 8:53p.m. to include the approximate sale price and a comment from CBREon Cornerstone's motivation for the large transaction.

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PARSIPPANY, NJCornerstone Real EstateAdvisers has sold four buildings totaling more than210,000 square feet of office space to a joint venture betweenLincoln Property Company and Red RiverAsset Management.

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The four properties, 10, 20 and 30 LanidexPlaza and 299 Cherry Hill Road inParsippany, contain 210,888 square feet of office space. Thebuildings are at the crossroads of I-80 and I-287, with immediateaccess to Routes 202 and 46, and within 30 miles of both New YorkCity and Newark Airport.

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CBRE tells GlobeSt.comexclusively that the transaction was valued at approximately $20million.

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"Parsippany Portfolio is comprised of smallerproperties with small and mid-sized tenants," says CBRE's JeffreyDunne, part of the CBRE team that led thetransaction. "I believe that Cornerstone's focus is on larger,class A properties."

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GlobeSt.com continues to seek comment fromCornerstone regarding the timing of the decisionto sell such a substantial portfolio.

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CBRE's team of Dunne, Kevin Welsh,Brian Schulz and Frank Marescarepresented Cornerstone Real Estate Advisers, with JeremyNeuer of CBRE's East Brunswick officeacting on behalf of a firm-managed fund. CBRE alsoidentified the buyer, a joint venture between LincolnProperty Company and Red River AssetManagement.

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The buildings are 67% leased to 15 tenants with stabilityprovided by 30 Lanidex, which is 100% leased on along-term basis. The properties, which CBRE refers to as the“Parsippany Portfolio,” have historically averaged90% occupancy, and recent demand in Parsippany has been strongcoming out of the economic downturn. Small to mid-sized users (lessthan 15,000 square feet) have accounted for 77% of all leasetransactions in the market in the past 12 months. This demandprofile matches the available inventory in the buildings, whichranges from 2,500 to 15,000 sq. ft.

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“The investment provides an exceptional purchase opportunity tostrategically rebrand the Portfolio and continue building a strongmarket position based on the Portfolio's strong historicalperformance and exceptional regional location,” says Kevin Welsh, aCBRE senior vice president.

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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].