NEWMARK ANNOUNCES RECENT MULTI-MILLION DOLLAR SALE OF PARSIPPANY HOTEL, RESTAURANT PROPERTY
Cedar Knolls, N.J., September 27, 2021 – Newmark Associates CRE announced the recent sale of a 3.44-acre property comprised of a “108 key” Red Roof Hotel and an approximate 5600 SF freestanding restaurant. Property is located at 855-857 Route 46 East, Parsippany, New Jersey, in Morris County. The owner was an undisclosed Newmark client whom Deborah Myers, Managing Director, has represented for several years in selling certain family assets. This is the third sale transaction she has facilitated on behalf of the owner in the last 18 months.
Remarking upon the unique challenges of completing this transaction, Ms. Myers commented: “With both motel and restaurant businesses adversely affected by the pandemic, the sellers were concerned about the timing of marketing such a property. However, seeking out and working closely with the right professional – a hospitality broker – who not only knew the nuances of this industry but who was also very familiar with local buyers and sellers of motel properties, was critical to the success of this transaction.”
Other unique aspects of the sale included “marketing specifically to motel/hotel operators attracted not only to the locale but to the idea of having a motel where they could put their own flag as a franchisee and also have the value-added opportunity of additional income from the separate enterprise of an onsite restaurant,” she said. “Finding the right operator for the motel, that is, someone who could work with an additional tenant inside the timing of the sale was also critical in completion of the sale.”
Newmark Associates is Certified as a woman-owned business (WBENC) by the Women’s Business Enterprise National Council, Newmark Associates is registered as a Supplier Diversity provider with corporate members.
Newmark Associates can be reached at 973.884.4444 or email@example.com.
Newmark Associates CRE, located in Cedar Knolls, New Jersey, celebrates more than 30 years in the commercial real estate industry as one of the top brokerage companies in the state, and recognized repeatedly with awards by both NJBIZ magazine, and the CoStar Commercial Real Estate organization. With expertise in all asset classes, from lease and sales transactions, Newmark Associates customers range from regional, entrepreneurial firms to Fortune 500 companies.