PARSIPPANY, NJ—Locally based Commercial Realty Group has purchased 7 Eastmans Road, a 142,620-square-foot industrial building in Parsippany, NJ, and will upgrade the building to class A status before leasing it out.

Jules Nissim, Stephen Elman, and Chris Kinum of Cushman & Wakefield negotiated the transaction.  The team also represented the seller, a trust, and will handle marketing and leasing of the property for the new ownership, which is planning a major renovation.

“CRG will reposition the building to class A status,” says Elman. “The company is launching a capital improvement program that will provide a complete upgrade of the property. Once the upgrade is completed, the building will be available for lease and will be divisible to 20,000 square feet.”

The improvements include a new roof, new energy-efficient lighting, raised ceilings to 24-foot clear heights in approximately one-half of the building and upgraded landscaping. In addition, the enhancements will include reskinning of the building façade and new and upgraded loading docks, as well as additional parking to accommodate a ratio of four cars per 1,000 square feet.

Originally constructed in 1965 and subsequently expanded, 7 Eastmans Road is situated on nearly 10 acres at the intersection of I-80 and I-287, at the Parsippany Road exit of I-287. The property is 18 miles from Newark Liberty International Airport.

“This is a very strategic location, both from the standpoint of distribution and customer access, as well as the area's strong labor pool,” says Elman. “We anticipate active interest following the renovation and look forward to representing what will become a modern and desirable industrial property.”