The three-building transaction consists of the sale of 196-200 Route 46, Parsippany, three standalone, one-story, vacant, retail buildings, totaling approximately 15,113 SF with over 180 feet of frontage on a major thoroughfare in Morris County.
Deborah Myers, Managing Director, represented the seller, for whom this is the second transaction executed by Newmark during the pandemic. Newmark Associates has a long-term relationship with the seller’s attorney and the seller who was seeking a buyer with minimal contingencies in completion of the purchase.
Nancy Stanton-Tuckman, Executive Vice President, represented the buyer. While the buyer’s interest was in much-needed retail development in the area, there remains the possibility of other uses for the property. He engaged working with community members, local architects, and other trades for feedback on all ideas for optimal property usage. Plans to lease the property to an urgent care facility, grocery store, bakery, or other business of potential benefit to the community are in process.
Nancy Stanton-Tuckman commented that “It was a pleasure working with this buyer. We worked as a team to get this purchase to close even with specific challenges. I look forward to seeing this property fully leased in the coming months.” Deborah Myers remarked: “The seller’s goal was challenging given the timing of selling retail during COVID, and some further unforeseen obstacles, but we stayed the course and closed before the end of the year.”
Formerly a grocery store, built in 2018 on approximately 1.73 acres of land, the property has abundant parking and excellent visibility on Route 46 West in a high traffic count area. Besides accessibility via Route 46 and Old Bloomfield Avenue, the property is close to Montville and New Jersey Transit commuter rail.
Ms. Myers/Ms. Stanton-Tuckman pointed to an increasing market trend: “Retail is going through a transformation or re-positioning from brick and mortar to general use such as medical, urgent care or physical therapy. Perfect uses are geared for those requiring a destination to get something accomplished, including recreation and personal care. This will be an ideal space for any of those uses.” The property is zoned B-2 with permitted uses inclusive of professional offices, theatres, indoor recreation, laundry and cleaning services, laboratories, medical and dental offices, and restaurants in addition to new car and truck sales and service.
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.