Colliers International arranges $14.1m sale of Intel Corporate Center in NJ
PARSIPPANY, NJ – Colliers International has arranged the $14.1 million sale of Intel Corporate Center located at 1515 Rte. 10 in Parsippany.
An affiliate of Stanbery Development, LLC and the developer/owner of The Shoppes at Union Hill in Denville acquired the complex.
The three-story buildings, which total 288,742 s/f, are currently triple net leased to the Intel Corporation through December 31, 2015. Intel has vacated the property.
The first building is 213,742 s/f and features a dramatic atrium with marble floors, while the second building is 75,000 s/f. Both assets provide a total of 930 feet of frontage on Rte. 10 and feature on-site amenities including a full-service cafeteria, professional gym facility, conference areas, and an outdoor terrace with seating.
“The new owner acquired a unique, value-add opportunity and has the ability to rebrand and reposition the asset during Intel Corporation’s remaining term, benefitting from the tenant’s in-place credit cash flow,” said Jacklene Chesler, managing director at Colliers International, who along with executive managing director Richard Madison, executive managing director Jeffrey Oram, and associate Chuck Kohaut represented the seller in the transaction.
Chesler added that the above average $49 psf price achieved for 1515 Rte. 10 –– as compared to GAF’s 2013 acquisition of a similar office asset located across the street at One Campus Dr. –– is a testament to the growing strength of the market, Morris County’s fundamentals, and the value of the property’s location on Rte.10, bordering the intersection of Rtes. 287 and 80.
The Intel Corporate Center is in close proximity to the Downtown Morristown and Morristown Airports as well as the Morristown and Morris Plains Train Station, which offer direct service to Manhattan.