MORRIS PLAINS, NJ—Chopp Holdings, an experienced local investor, purchased 201 Littleton Road, a three-story, 88,910-square-foot office building on a nearly 17-acre site in Morris Plains, NJ from Mack-Cali Realty Corporation.
Cushman & Wakefield’s Investment Sales Team, led by Andrew Merin, Andrew Schwartz, and Kubby Tischler represented the seller and procured the buyer.
“This represented an opportunity to reposition—as a best in class, small-to-mid-size tenant building—and re-tenant nearly 50,000 square feet in a park-like setting on more than 16 acres,” says Schwartz. “It generated significant interest from private local investors who understand the market. The property’s Morris Plains location will allow Chopp Holdings to draw boutique tenants looking to locate themselves in proximity to the nearby Fortune 500 and other major national and international companies, including MetLife, BASF, Realogy, Bayer, Zoetis, Medicines Company, Honeywell, GAF and Summit Medical Group, to name a few.”
201 Littleton Road features ample parking, a recently renovated common area, and was 44-percent leased at the time of sale. Existing tenants include the State of New Jersey, which occupies 24 percent of the building. Nearby retail corridors Route 202 and Route 10 host an abundant mix of retail and dining opportunities such as Wegman’s, Kohl’s, Zinburger and hundreds more. The property is adjacent to Signature Place, a recently constructed 197-unit luxury rental community developed, owned and managed by Roseland Residential Trust, a subsidiary of Mack-Cali.
“The asset will benefit from the strong surrounding demographics and retail options including the Hilton, Marriott, Ruth Chris Steakhouse and the recently constructed Wegman’s Supermarket,” Tischler says. “201 Littleton Road’s fundamentals include abundant windowed offices with lake views and an excellent parking ratio. The property’s flexible floor plates offer options for a wide range of tenants, while a travertine marble façade and exterior terraces with pond views add to the overall attractiveness of the asset.”