Updated Oct 28, 2024
Shree Parsippany Developers Acquires Office Property In Parsippany, NJ For $10.5M
1269 U.S. 46, Parsippany, NJ, USA
$10,500,000
$83/SF
Building Size
126,000 SF
Asset Type
Office
Closing
Apr 29, 2021
About this deal
AI
The office building located at 1259-1269 Route 46 in Parsippany, NJ has been sold for $10,500,000. The property spans across 10.55 acres and has a total square footage of 126,000. With a price per square foot of $83, the transaction reflects a value of $995,261 per acre.
Summary of transaction details:
- Property Type: Office
- Date: 04/30/2021
- Buyer: Shree Parsippany Developers
- Seller: Hundal Group
- Broker: Tom Scatuorchio - Islak Company
- Sale Price: $10,500,000
- Square Footage: 126,000
- Price per Square Foot: $83
- Acres: 10.55
- Price per Acre: $995,261
- Market: Parsippany, NJ
Tom Scatuorchio from Islak Company represented the parties involved in the deal as the broker.
For more information about this transaction or to discuss your own investments, feel free to contact Tom Scatuorchio (@TScatuorchio) directly.
Parsippany Office Market Snapshot
Boundary boundary · Office · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.51%
Cash-on-Cash
-0.43%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93