Three-story Building with Recently Renovated Common Area on 16.5 Acres Close to Corporate and Retail Centers Drew Spirited Interest
MORRIS PLAINS, N.J., Mar. 5, 2019 – Cushman & Wakefield has arranged the sale of 201 Littleton Road, a three-story office building on a nearly 17-acre site in Morris Plains. Chopp Holdings, an experienced local investor, purchased the 88,910-square-foot asset from Mack-Cali Realty Corporation.
Cushman & Wakefield’s Investment Sales Team represented the seller and procured the buyer, led by Andrew Merin, Andrew Schwartz, and Kubby Tischler.
“This represented an opportunity to reposition — as a best in class, small-to-mid-size tenant building — and re-tenant nearly 50,000 square feet in a park-like setting on more than 16 acres,” said Schwartz. “It generated significant interest from private local investors who understand the market. The property’s Morris Plains location will allow Chopp Holdings to draw boutique tenants looking to locate themselves in proximity to the nearby Fortune 500 and other major national and international companies, including MetLife, BASF, Realogy, Bayer, Zoetis, Medicines Company, Honeywell, GAF and Summit Medical Group to name a few.”
201 Littleton Road features ample parking, a recently renovated common area, and was 44 percent leased at the time of sale. Existing tenants include the State of New Jersey, which occupies 24 percent of the building. Nearby retail corridors Route 202 and Route 10 host an abundant mix of retail and dining opportunities such as Wegman’s, Kohl’s, Zinburger and hundreds more. The property is adjacent to Signature Place, a recently constructed 197-unit luxury rental community developed, owned and managed by Roseland Residential Trust, a subsidiary of Mack-Cali Realty Corporation.
“The asset will benefit from the strong surrounding demographics and retail options including the Hilton, Marriott, Ruth Chris Steakhouse and the recently constructed Wegman’s Supermarket,” Tischler noted. “201 Littleton Road’s fundamentals include abundant windowed offices with lake views and an excellent parking ratio. The property’s flexible floor plates offer options for a wide range of tenants, while a travertine marble façade and exterior terraces with pond views add to the overall attractiveness of the asset.”
Based in East Rutherford, Cushman & Wakefield’s New Jersey investment sales team specializes exclusively in office, industrial, multifamily, land and retail property trades throughout New Jersey, New York, and Fairfield County, Conn. The group has completed $32 billion worth of transactions since 2000, closing over $3.3 billion in sales in 2018.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 51,000 employees in 400 offices and 70 countries. In 2018, the firm had revenue of $8.2 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.