A mixed-use property portfolio in Morris County has been sold off-market for $2 million. The portfolio includes three buildings located at 712-718 & 720-726 Speedwell Avenue & 3 Franklin Place in Morris Plains. The buildings house apartments, retail stores, and a warehouse, and are situated near the Morris Plains Train Station, offering strong retail visibility. The total area of the property is 13,920 square feet, resulting in a price per square foot of $144.

Summary of transaction details

• Property Type: Mixed-use
• Transaction Amount: $2,000,000
• Seller: 712 Speedwell Realty LLC
• Buyer: Danny Levato
• Broker: Blake Shanaphy - JLL

Blake Shanaphy, a representative from JLL, brokered the deal. This sale marks the second ownership change in nearly 60 years for the property. Danny Levato, a local real estate investor, sees long-term return potential in the property due to its prime location and strong retail visibility. The off-market nature of the sale adds to the exclusivity and opportunity for Levato.