Harbor Group International, in a joint venture with Turnbridge Equities, has sold 100 Jefferson Road, a 553,435-square-foot industrial facility in Parsippany, N.J., for $85.3 million. Yardi Matrix shows the new owner is JFR Global Investments.
The deal comes two years after the seller had acquired the property for $58.3 million from occupier PNY Technologies. Following that sale, the joint venture had invested $4 million into capital improvements to modernize the 1963-built asset. Renovations included an overhaul of HVAC equipment and the repositioning of lab space previously used by Pfizer prior to 2010. The property includes a 2.5 MW solar electricity system on the roof.
The building was 64 percent leased at the time of sale. In addition to PNY, which leases 150,000 square feet for its global headquarters, Vitaquest International occupies 200,000 square feet. The remaining 200,000-square-foot vacant suite is divisible or could be used for existing tenant expansion.
Located near the intersection of interstates 80 and 287, the property is in a sizeable industrial corridor, with nearly 7 million square feet of space within a 3-mile radius, according to Yardi Matrix. The building is also a stone’s throw from a range of suburban office assets, including a 1.5 million-square-foot portfolio sold by Mack-Cali in September.