New Jersey
9 Sylvan
Transaction Details
9 Sylvan Way
Parsippany, NJ 07054
56,500 Sq. Ft.
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Purchase Date 8/25/2022
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Purchased For $6,250,000
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Sold Date 7/10/2024
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Sold For $10,250,898
PROPERTY TYPE
Office rezoned to Industrial
Investment Highlights
- Acquired 56,500 SF office building off-market from Gladstone Commercial
- Negotiated buyout from office tenant to vacate building during due diligence
- Building located in Class A corporate park at Route 10 and Route 287 interchange with close proximity to Route 80
- Strong demographics in Morris County
- Zoning permitted industrial use
- Coordinated team of land use attorney, civil engineer, architect, and other consultants for the design of 67,220 SF Class A warehouse building
- Site plan approval received in December 2023
- Sold site with approved plans to affiliates of EBIN New York, an end-user for the building