CBRE announced the sale of two office buildings located at 99 & 119 Cherry Hill Road in Parsippany, New Jersey.
Jeffrey Dunne, Jeremy Neuer, Steve Bardsley, David Gavin, Gene Pride, Travis Langer and Zach McHale of CBRE Institutional Properties represented the seller, and also procured the buyer, Mark Meisner of The Birch Group.
The Cherry Hill Road complex is a two-building office park totaling 191,249 s/f at the crossroads of Interstates 80 and 287, as well as Routes 46 and 202 and offers a park-like setting.
The robust highway infrastructure allows tenants to attract a workforce from a wide geography, which has helped the buildings maintain strong levels of occupancy averaging 88 percent over the past 10 years. “The park’s historical leasing and location drove the interest and ultimately the buyer to execute,” said Dunne, a vice chairman at 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,” added Neuer, Executive Vice President, CBRE.
“The Birch Group truly understood the value behind owning within close proximity of Morristown.”