BSD Capital Management Acquires 299 Cherry Hill Road Office For $10.2 Million

The property involved in the transaction is an office asset located at 299 Cherry Hill Road in Parsippany. The office building encompasses 79,766 square feet and is classified as Class B+. The sale price for the property was $10,200,000, translating to a price per square foot of approximately $127.

Summary of transaction details:

• Property Type: Office
• Transaction Amount: $10,200,000
• Buyer: BSD Capital Management
• Seller: Dan Dilmanian; Farshad Kalaty; Bruce Stern - Red River Asset Management; Mike Taylor - Lincoln Property Company; Red River - LO 299 Cherry Hill Partners
• Broker: Charles Berger - CBRE
• Financing Provided By: First Commerce Bank
• Occupancy Change: Increased from 53% to 98% over a three-year hold period

The partnership of local investors involved in this transaction includes Dan Dilmanian, Farshad Kalaty, Bruce Stern, and Mike Taylor, who acquired the property in late 2021 for approximately $4.9 million. They completed a major upgrade of the interior and exterior finishes, which included a state-of-the-art Tenant Lounge and Conference Center. Charles Berger from CBRE facilitated the transaction.