NY Investment Firm Buys Parsippany Buildings
The Cherry Hill Road complex totals 191,249 square feet of office space and sits at the crossroads of Interstates 80 and 287, as well as Routes 46 and 202.
PARSIPPANY, NJ—The Birch Group of Nanuet, NY has acquired two office buildings here totaling more than 191,000 square feet.
The Rockland County-based company has purchased 99 and 119 Cherry Hill Road office buildings, according to commercial brokerage firm CBRE. No financial terms of the transaction were disclosed.
The Cherry Hill Road complex totals 191,249 square feet of office space and sits at the crossroads of Interstates 80 and 287, as well as Routes 46 and 202. The buildings have maintained strong levels of occupancy, averaging 88% over the past 10 years.
Jeffrey Dunne, Jeremy Neuer, Steve Bardsley, David Gavin, Gene Pride, Travis Langer and Zach McHale of CBRE Institutional Properties represented the seller and procured the buyer, Mark Meisner of The Birch Group.
“The park’s historical leasing and location drove the interest and ultimately the buyer to execute,” says Dunne, vice chairman, CBRE. “We are confident The Birch Group will build upon this momentum given their recent leasing success at 350-360 Mount Kemble in Morristown, an asset we sold them in 2018.”
“The Parsippany submarket is in the midst of a development renaissance with owners and developers investing significant capital into the area. In addition, neighboring Morristown has seen explosive growth among all property types due to the strong demographics and concentration of millennials,” adds Neuer, EVP, CBRE.