$27.6 Million Sale in Parsippany

Transwestern Investment Co. has purchased Lanidex Plaza, a 6-building office campus totaling 281,726 square feet in Parsippany, NJ, from Lincoln Property Co. The purchase price was $27.6 million, approximately $98 per square foot. The 6 buildings range in size from 30,000 to 62,000 square feet and are currently 87.6% leased. Major tenants include Kings Supermarkets and i2 Technologies. The team from Cushman & Wakefield's Metropolitan Area Financial Services Group, based in East Rutherford, NJ, negotiated the sale. Cushman & Wakefield represented the seller and procured the buyer. The team consisted of Gary Gabriel, Jose Cruz, Andrew Merin and David Bernhaut. Located at 200 to 700 Lanidex Plaza Road, the office park sits on 50 acres of award winning landscaping and features amenities including a full service cafeteria, reflective ponds and frontage on I-287.