Winfield Properties Acquires 49,974 SF Retail Asset In Morristown For $15 Million

A retail property located at 40 West Park Place in Morristown has been sold for $15 million. The asset spans 49,974 square feet and sits on 0.77 acres. It was constructed in 2010 and is fully leased at street level to tenants, including Starbucks and AT&T, while consisting of an additional 15,000 square feet available for repositioning on its lower level.

Summary of transaction details:

• Property Type: Retail
• Transaction Amount: $15,000,000
• Address: 40 West Park Place
• Market: Morristown
• Asset Size: 49,974 SF
• Price per Square Foot: $300
• Buyer: Anthony DiTommaso & Nazario M. Paragano - Winfield Properties
• Seller: Global Real Estate Investment Advisor, Veris Residential & Woodmont Properties
• Brokers: J.B. Bruno, Jose Cruz & Kevin O’Hearn - JLL

The transaction involved Anthony DiTommaso and Nazario M. Paragano representing Winfield Properties as the buyers. The sellers, a joint venture between Veris Residential and Woodmont Properties, facilitated the deal with JLL Capital Markets handling the arrangements. Winfield Properties aims to reposition the lower level space to enhance the property's offerings.