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99 Cherry Hill Road

Cushman & Wakefield Arranges 50,000 SF Office Leases In Parsippany, NJ
LEASEDOffice

Cushman & Wakefield Arranges 50,000 SF Office Leases In Parsippany, NJ

99 Cherry Hill Road, 119 Cherry Hill Road & 119 Cherry Hill Road

Building Size

150,000 SF

Asset Type

Office

Closing

Feb 26, 2024

AI

The office property located at 99 & 119 Cherry Hill Road in Parsippany, NJ, spanning 50,000 square feet, was recently leased out. The property is managed by The Birch Group and offers amenities like a pond, ample parking, and plug-and-play suite availability, with enhancements planned through a capital improvement program overseen by property manager AMI Management.

Summary of transation details:

  • Property Type: Office
  • Transaction Amount: Not provided
  • Address: 99 & 119 Cherry Hill Road, Parsippany, NJ
  • Market: Parsippany
  • Landlord: Mark Meisner - The Birch Group
  • Tenants: Business Credentialing Services, Westguard Insurance Group, H2M, Monte Nido, Royal Coachman, American Day CD Centers, Newbridge Services
  • Brokers: Courtney Rosenkrantz & William O’Keefe - Cushman & Wakefield

Cushman & Wakefield facilitated seven leases totaling over 50,000 square feet at the property on behalf of landlord The Birch Group. The transactions were led by brokers William O’Keefe and Courtney Rosenkrantz. The Birch Group's investment in enhancing the property reflects a commitment to providing a high-quality working environment for the tenants, further establishing its presence in the Parsippany market.

Players

William 'Bill' O’Keefe

Cushman & Wakefield

Broker

5 deals

Broker

Parsippany Office Market Snapshot

Boundary boundary · Office · Lease transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

5.80%

Cash-on-Cash

-1.66%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93