HFF Closes Week Of Deals With Parsippany Sale
Lincoln Property has purchased the 114K SF, four-story 1 Gatehall Drive in Parsippany, HFF announced this week.
HFF senior managing director Jose Cruz, managing director Kevin O'Hearn and directors Stephen Simonelli and Michael Oliver represented the seller, which GlobeSt reports as a joint venture between Glenborough and TIAA.
The Energy Star-rated building, which is 63% leased, features a two-story lobby atrium with skylight, a shared conference room, a dining area and a fitness center, among other amenities. It is adjacent to the Marriott Residence Inn.
The deal caps a busy past week for HFF, which also closed on Phillips Edison Grocery Center REIT II's $51M purchase of Plaza 23, a 161K SF, Stop & Shop-anchored shopping center at 500 Route 23 North in Pompton Plains. The team, along with senior managing director Thomas Didio, represented the seller.
The center is home to tenants that include T.J. Maxx, HomeGoods, GNC, Moe’s Southwest Grill and Sally Beauty Supply. Smashburger will open soon, and there is potential for another pad development on the 18.76-acre site.
Additionally, HFF senior managing director Jon Mikula secured $124.5M in financing for Mack-Cali's purchase of 51, 101 and 103 JFK Parkway in Short Hills, placing the 10-year, fixed-rate loan through Citi and Goldman Sachs. The properties are part of a larger six-property portfolio that HFF sold to Mack-Cali on behalf of RXR Realty.
