Press Release

CBRE Announces Sale of 99 & 119 Cherry Hill Road in Parsippany, New Jersey

2020 1월 15

CBRE announced today the sale of two office buildings located at 99 & 119 Cherry Hill Road in Parsippany, New Jersey. Jeffrey Dunne, Jeremy Neuer, Steve Bardsley, David Gavin, Gene Pride, Travis Langer and Zach McHale of CBRE Institutional Properties represented the seller, and also procured the buyer, Mark Meisner of The Birch Group. 

The Cherry Hill Road complex is a two-building office park totaling 191,249± sq. ft. at the crossroads of Interstates 80 and 287, as well as Routes 46 and 202 and offers a park-like setting. The robust highway infrastructure allows tenants to attract a workforce from a wide geography, which has helped the buildings maintain strong levels of occupancy averaging 88% over the past 10 years. 

“The park’s historical leasing and location drove the interest and ultimately the buyer to execute,” said Jeffrey Dunne, Vice Chairman, CBRE. “We are confident The Birch Group will build upon this momentum given their recent leasing success at 350-360 Mount Kemble in Morristown, an asset we sold them in 2018.” 

“The Parsippany submarket is in the midst of a development renaissance with owners and developers investing significant capital into the area. In addition, neighboring Morristown has seen explosive growth among all property types due to the strong demographics and concentration of millennials,” added Jeremy Neuer, Executive Vice President, CBRE. “The Birch Group truly understood the value behind owning within close proximity of Morristown.”

CBRE Institutional Properties has a number of attractive investment opportunities on the market including: 520 White Plains Road in Tarrytown, NY, a 92% leased 171,888± sq. ft. office building minutes from the new Mario Cuomo Bridge; 1937 West Main Street, a 68% leased 200,180± sq. ft. office building in Stamford, CT; 800 Corporate Dr, an 84,280± sq. ft. office building leased to a single tenant in Mahwah, NJ; and Windsor Corporate Park, a four building, 291,550± sq. ft. office complex in East Windsor, NJ, proximate to Exit 8 of the New Jersey Turnpike.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.