HFF Brokers Suburban NJ Office Campus Sale
- May 03, 2018
Milelli Real Estate Partners (MREP) has acquired Lanidex Plaza in Parsippany, N.J., from an affiliate of Hartford Investment Management Co. HFF, which recently brokered an office campus sale in neighboring New York, represented both parties. The seven-building office complex comprises a total of 335,060 square feet and is situated along a major retail corridor in New Jersey.
The property is situated on 34 acres at 100-700 Lanidex Plaza, in the vicinity of restaurants, hotels, retailers and banks. Major roads such as interstates 287 and 80, as well as routes 10 and 46, provide convenient access throughout the area.
According to Yardi Matrix, the two and three-story buildings were completed in 1974, 1976 and 1980, respectively. The campus features a series of shared amenities, including a full-service cafeteria, conference center, full-service recycling, dry cleaning and ample parking.
HFF represented both parties in the transaction, with Senior Managing Director Jose Cruz, Managing Director Kevin O’Hearn and Senior Directors Michael Oliver and Stephen Simonelli acting on behalf of the seller.
Following this purchase, MREP has become the sole owner of a nine-building park which includes 800-900 Lanidex Plaza. The company purchased the latter in 2015 and is currently planning to rebrand and reposition the assets through a capital improvement program.
Image courtesy of Yardi Matrix