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Colliers Facilitates $17.8M Sale Of Office Building At 2 Gatehall Drive In Parsippany
SOLD
$17,800,000
New Jersey
See Similar DealsOffice333,000 SF
Sold 01/31/2025
SOLD
Colliers Facilitates $17.8M Sale Of Office Building At 2 Gatehall Drive In Parsippany
2 Gatehall Drive
See Similar DealsOffice333,000 SF
Sold 01/31/2025
Summary
NEW JERSEY
Asset Type:Office
Price Per Square Foot:$53
Total Square Footage:333,000 SF
Transaction Type:Sale
2 Gatehall Drive is a 333,000 square foot Class A office building located in Parsippany, which has been sold for $17,800,000. The property, currently 30% occupied, features a solar array, backup power, and high-tech infrastructure, making it attractive for investment due to its value-add potential and adaptability for lab or R&D use.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $17,800,000
- Square Footage: 333,000 SF
- Price Per Square Foot: $53
- Address: 2 Gatehall Drive
- Market: Parsippany
This transaction was facilitated by the brokerage team of Jacklene Chesler, Patrick Norris, and Philippe Jomphe from Colliers, marking the largest East Coast office deal via Ten-X.com auction.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$949,333.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$63,239.65
Cash-on-Cash Return-1.27%
Monthly Debt Service$84,381.08
Annual Debt Service$1,012,572.97
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