The Birch Group NY Acquires Office In Parsippany For $12.75M
7 Campus Drive, Parsippany, Parsippany-Troy Hills, NJ, USA
$12,750,000
$82/SF
Building Size
154,820 SF
Asset Type
Office
Closing
Nov 23, 2020
AI
An office building located at 7 Campus Drive in Parsippany has been sold for $12,750,000. The property spans 154,820 square feet, which translates to a price per square foot of $82. The transaction took place on November 24, 2020.
Summary of transaction details
- Property Type: Office
- Transaction Amount: $12,750,000
- Address: 7 Campus Drive, Parsippany
- Market: Parsippany
- Seller: Ricardo Cardoso & MaryAnne Gilmartin - Mack-Cali Realty Corporation
- Buyer: Birch Group NY
- Square Footage: 154,820
- Price per Square Foot: $82
Ricardo Cardoso & MaryAnne Gilmartin, representing Mack-Cali Realty Corporation, acted as the sellers in this transaction. The buyers were Birch Group NY. The deal marked a significant milestone in the Parsippany real estate market.
Players
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
1.24%
Cash-on-Cash
-0.36%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93