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Newmark Associates Brokers $34 Million in Flex Space Sale in Morris County

Newmark Associates announces the sale of three Whippany industrial space properties owned by Douglas Properties, LLC.  Nancy Stanton-Tuckman, Senior Vice President at Newmark Associates was the exclusive agent representing the owner, Douglas Properties.

The three properties are located in a multi-tenant business park with the largest property consisting of a 200,000-square-foot complex comprised of four buildings at 9 Whippany Road.  The complex is at approximately 80% occupancy.

The other two properties included in the sale are located at 622-628 Route 10 West, and joined in the Whippany Road sale as part of a 1031 Exchange. The side-by-side buildings at 622-628 Route 10 West, occupying 62,000 and 30,000-square-feet respectively, also include office and warehouse spaces.  While mostly occupied, the buildings have two vacancies still available for lease and are well-suited for lab, storage and light manufacturing.  All three properties have easy access to Routes 287, 80, 24, 280 and 78.

Newmark Associates CRE, located in Cedar Knolls, New Jersey, has earned recognition as one of the top real estate brokerage companies by NJBIZ magazine, and the CoStar Commercial Real Estate organization.  Specializing in lease and sales transactions of office, industrial, retail, land, healthcare and mixed-use properties, Newmark Associates customers range from regional, entrepreneurial firms to Fortune 500 companies. Certified as a woman-owned business by the Women’s Business Enterprise National Council, Newmark Associates is registered as a Supplier Diversity provider with corporate members.

 

 

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