Newmark Knight Frank serves as investment advisor on the sale of 9 Entin Rd. in Parsippany
PARSIPPANY, NJ — Newmark Knight Frank (NKF) announced the sale of The 9 at Parsippany, located at 9 Entin Rd. in Parsippany (“9 Entin”). Kevin Welsh, Brian Schulz, and Chuck Kohaut of NKF’s Tri-State Capital Markets Team represented an institutional investor and Lincoln Property Company on the transaction. The team was also responsible for procuring the buyer, American Equity Partners, a private real estate company based in Edison. The 9 at Parsippany is a 196,894 s/f class A office building that is 72% leased to a mix of corporate headquarters and high credit-quality companies including Tilcon NY, Med Metrix (31,000 s/f HQ) and HNTB (29,500 s/f), offering stable in-place cash flow with substantial upside through the lease-up of the 55,514 s/f of vacant space. The property is strategically located directly off I-287 (Exit 40B) in the prestigious Rte. 10 Corridor. This micromarket is evolving into an amenity-rich “live/work/play/stay” environment highlighted by the recent opening of Wegmans adjacent to the Property, and a number of new multifamily developments in the Corridor.