Avison Young announced today its New Jersey office has arranged the sale-leaseback of 1 Wood Hollow Lane in Parsippany, NJ. Spanning over 135,000 square feet (sf), the industrial/flex building was acquired by Longpoint Realty Partners, L.P. to extend the lease to the current occupant, Allstate Can Corporation, who will continue utilizing the space for warehouse and light manufacturing operations.
Avison Young Senior Vice Presidents Matthew Turse and Timothy Cadigan along with Associate Grant Otto, who are all based in the firm’s New Jersey office, represented the seller in addition to procuring the buyer in the transaction.
“This transaction allowed our client to remain in a building that has continually served their operational and business development needs while generating cash flow through its sale,” said Turse. “As New Jersey’s industrial market continues to see demand outpace supply, the buyer of 1 Wood Hollow Road will greatly benefit from acquiring a well-occupied asset in one the state’s most coveted submarkets for industrial/flex space.”
1 Wood Hollow Road is an industrial property spanning approximately seven acres in Parsippany, NJ. Designed to accommodate a range of uses from warehouse to manufacturing and flex, the 135,000-sf building includes 3,000 sf of office space along with 11 dock doors and 100 parking spaces. The property is minutes away from numerous major thoroughfares, including I-80, I-46 and I-287, providing access to Newark Liberty Airport, New Jersey’s ports and New York City.
