Cushman & Wakefield Brokers New Jersey Office Sale
- Oct 01, 2019
Cushman & Wakefield has arranged the sale of a 115,000-square-foot office building in Parsippany, N.J. A Lakewood Equities affiliate purchased the four-story asset.
Vice Chairman Gary Gabriel, together with Executive Vice Chairmen David Bernhaut and Andy Merin, Associate Director Frank DiTommaso and Senior Director Andy Schwartz worked on behalf of the seller, a joint venture between Lincoln Property Co. and Development Ventures Group. Earlier this month, Cushman & Wakefield’s brokerage team also arranged the $15 million sale of a 179,00-square-foot office building in Stamford, Conn.
Located at 1 Gatehall Drive, the property is just off Freeway 202, around 30 miles from Jersey City and New York City, and roughly 23 miles from Newark Liberty International Airport. The asset was constructed in 1983 on 9.7 acres and features floorplates ranging between 28,125 and 30,500 square feet, according to Yardi Matrix data. At the time of the sale, the building was 86 percent leased to more than 20 small- and mid-sized businesses, each occupying an average of 3,400 square feet.
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