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PARSIPPANY, NJ-When Lincoln Property Co. and Goldman Sachs Whitehall Fund sold a two-building, 210,000-sf office portfolio here recently, the sellers and brokers would identify the buyer only as “a local private entity.” That entity has now been identified as Herring Terramax Developers, a group headed by Jon Hendel and James Herring. As reported by GlobeSt.com in January, the two buildings sold for $21 million.

The new owners have lined up CB Richard Ellis to fill the two buildings, which combined have approximately 69,000 sf available. Senior vice president Kenneth Flynn and senior associate Fred Hyatt are handling the assignment.

The two buildings include 959 Route 46 East, aka Parsippany Place, a 135,000-sf, five-story building that currently has 60,500 sf available. The new owners have already launched a program of capital improvements including a redo of the lobby and other common areas, as well as an existing café. The other building is Crossroads Corporate Center, a three-story, 75,000-sf asset at 199 Pomeroy Rd. that currently has 8,600 sf on the market. Crossroads Corporate Center last had a major renovation in 1998.

“The planned renovations and capital improvements to the portfolio, combined with the access to major highways and proximity to New York City should make this an appealing opportunity for office space users in the Morris County submarket,” Flynn says.

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