V.P. Tom Scatuorchio Arranges Exclusive sale of 126,000 S.F. in Morris County
Woodbridge, N.J., May 17, 2021 – The Kislak Company, Inc. announced the recent sale of the Troy Office Center located at 1259-1269 U.S. Highway 46 in Parsippany, Morris County, New Jersey for $10,500,000.
Kislak marketed the property on an exclusive basis with Vice President Tom Scatuorchio handling the assignment on behalf of the seller, a private investor. He also procured the purchaser, Shree Parsippany Developers, LLC.
Mr. Scatuorchio remarked: “This was an extremely complex property to sell and finance given the current state of the office market. The transaction began in the early months of the Covid-19 crisis in May 2020 and took a tremendous amount of effort from all parties involved to close nearly a year later.”
Located on 10.55 acres of land with 670 feet of frontage on the eastbound side of Route 46, the property consists of four well-maintained adjacent office buildings totaling approximately 126,000 square feet on the heavily trafficked corridor near Route 80. Hotels, daycare, banks, and shopping are within walking distance and nearby.
All low-rise buildings, buildings 1 and 2 are two-story with stairs and elevators and buildings 3 and 4 are one-story. With a variety of tenants and occupancy at 79% at the time of sale, most leases have automatic renewal clauses, adding to the huge upside potential for the property.
With easy access to major highways, the property is less than 40 minutes to New York City, Newark Liberty Airport and Port Newark/Elizabeth. Currently zoned O-3, and due to its excellent location and access, the property holds promise for partial or full redevelopment for other uses in the future, especially as envisioned by the buyer as well-situated suburban office space.
Mr. Scatuorchio highlighted that: “This is the third large office/retail deal, which I’ve closed with this purchaser in Morris County.” Morris County was ranked the 10th most populous county in the state as of the 2019 Census estimate with Parsippany-Troy Hills Township being the most populous area in the county, which has also been ranked as one of the top 25 wealthiest counties in the U.S over the past 10 years.
Tom Scatuorchio joined Kislak in 2016 and specializes in the sale of retail and multifamily investment properties in Morris and Essex County, New Jersey. In 2017, he earned Kislak’s Rising Star award and in 2021, he was promoted to a vice president.
About The Kislak Company, Inc.
The Kislak Company, Inc., which is headquartered in Woodbridge, New Jersey, is a leading commercial real estate brokerage firm consistently recognized for its investment sales success. Established in 1906, Kislak’s market leadership position and longevity are due to its ability to offer clients a personalized, hands-on approach, coupled with the unrivaled expertise of its long-tenured team of professionals. Kislak’s prestigious client base includes individual investors and owners, partnerships, financial institutions, and REITs. The firm’s 35 professionals provide comprehensive market coverage throughout New Jersey, New York, Pennsylvania, and Delaware.
Now in its 115th year, Kislak was among a select group of firms recognized as a 2020 Power Broker by CoStar Group, Inc. and this was the firm’s 15th consecutive recognition.
