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
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