American Equity Partners Acquires 9 Entin Road in Parsippany, NJ

PARSIPPANY, NJ—Edison, NJ-based American Equity Partners has acquired The 9 at Parsippany, 9 Entin Road in Parsippany, NJ.  Newmark Knight Frank’s Tri-State Capital Markets team, led by Kevin Welsh, Brian Schulz, and Chuck Kohaut, represented an institutional investor and Lincoln Property Company on the transaction. The team also identified the buyer.

The sale price was not disclosed. According to Real Capital Analytics, a proprietary research database that tracks commercial real estate transactions, the property has been owned since 2006 by a joint venture of Lincoln and UBS Realty Advisors, who acquired the asset from Hartz Mountain for $26.8 million.

The 9 at Parsippany is a 196,894 square-foot class A office building that is 72%-leased to a mix of corporate headquarters and high credit-quality companies including Tilcon NY, Aetna, Med Metrix and HNTB, offering stable in-place cash flow with substantial upside through the lease-up of the 55,514 square feet of vacant space. The property is strategically located directly off I-287 (Exit 40B) in the prestigious Route 10 corridor. This micromarket is evolving into an amenity-rich “live/work/play/stay” environment highlighted by the recent opening of Wegmans adjacent to the property, and a number of new multifamily developments in the corridor.

“The property’s durable in-place cash flow and significant upside were appealing to American Equity Partners,” says Welsh, an executive managing director. “They are well positioned to benefit from the Route 10 Corridor’s ongoing transformation into a dynamic mixed-use environment that will continue to drive tenant demand.”

“We are excited to add 9 Entin to our portfolio of high quality properties,” says David Elkouby, the founder of American Equity Partners. “We are looking forward to continuing our mission of providing a first-class experience to our tenants at this building.”