Cushman & Wakefield arranges 540,103 s/f industrial sale/leaseback in Parsippany
PARSIPPANY, NJ — Cushman & Wakefield professionals from four Cushman & Wakefield service lines — Investment Sales, Finance, Leasing and Asset Management — worked in unison to structure the recent sale/leaseback of PNY Technologies’ Global Headquarters at 100 Jefferson Rd. in Parsippany. A joint venture of Turnbridge Equities, a New York City-based, privately held full-service real estate investment and development firm, and Harbor Group International, LLC (HGI), purchased the 540,103 s/f property from PNY Technologies. PNY Technologies leased back 25% of the building on a long-term basis, leaving 400,000 s/f of industrial space for Turnbridge Equities to rent. This includes 200,000 s/f of 38-foot clear height, high-cube space – a distinguishing attribute in the local market. Located at the intersection of I-80 and I-287, I-100 Jefferson Rd. sits on nearly 36 acres just minutes from routes 10, 46 and 202, and the Morristown CBD.