Leading Real Estate Firm Represented Seller and Procured Buyer For 140 Littleton Road
Leading global commercial real estate services firm Colliers International Group Inc. announces it has arranged the sale of 140 Littleton Road in Parsippany, New Jersey for $3,500,000. The 30,459-square foot office building is currently 95% occupied by tenants across a wide variety of industries including medical, technology, insurance and financial services.
The diverse base of 15 small and mid-sized professional service firms occupying the building benefit from low leasing and concession costs as well as positioning in a thriving submarket with accessibility to major roadways.
Colliers represented both the buyer and seller in the deal. The Colliers team consisted of members from its New Jersey office including Executive Managing Director Jacklene Chesler, Managing Director Matthew Brown and Senior Financial Analyst Frank Summers.
“Colliers is proud to announce the sale of this boutique office property,” said Chesler “Our team was able to find a perfect match between buyer and seller, with both parties coming away extremely satisfied. The property provides an impressive tenant roster and strong upside in terms of rent appreciation in a thriving submarket. We expect the buyer to benefit from this multi-tenanted investment property that will lead to rental appreciation and offers minimal tenant rollover risk..”
The building is located in Morris County, which has benefitted from continued growth across retail and industrial.
The location offers easy access to I-80 and I-287, within close proximity of other commuter highways including I-280, Routes 10, 46 and 202, as well as rail, including NJ Transit Service, and walking distance to bus transportation. Originally constructed in 1986, the property features improvements from renovations of common areas, parking elevators, HVAC systems and roof.
About Colliers International
Colliers International (NASDAQ, TSX: CIGI) is a leading global real estate services and investment management company. With operations in 68 countries, our 14,000 enterprising people work collaboratively to provide expert advice and services to maximize the value of property for real estate occupiers, owners and investors. For more than 20 years, our experienced leadership team, owning more than 40% of our equity, have delivered industry-leading investment returns for shareholders. In 2018, corporate revenues were $2.8 billion ($3.3 billion including affiliates), with more than $26 billion of assets under management.
Learn more about how we accelerate success at corporate.colliers.com, Twitter @Colliers or LinkedIn.
