Morris County, N.J., – The Morris County office market recently got a shot in the arm thanks to three transactions arranged by Resource Realty of Northern New Jersey (Resource Realty). Spearheaded by Principal Brian Wilson, the deals involved the $1.78M sale of a fully leased, cash-flowing medical/office building and a 2,700 SF office lease at the same building in Succasunna. Rounding out the transaction trifecta is a 1,950 SF office lease in nearby Randolph.
Wilson secured an exclusive listing as the owner’s representative in the sale at 22 Route 10 (Succasunna) and as the landlord and tenant representative for the latter two lease agreements, involving 22 Route 10 (Succasunna) and 6 Emery Ave. in Randolph.
“At the 22 Route 10 office building, for which we orchestrated the sale four years ago, Resource Realty arranged three new leases to render it fully occupied, which in turn delivered on ownership’s repositioning strategy and ultimate disposition,” said Wilson, who noted the latest lease involved Accudraft, a leading finishing-system and paint-booth manufacturer serving the automotive, aircraft, marine vessel and train and railcar industries.
Built in 1980, the two-story 22 Route 10 building fronts one of Morris County’s primary roadways with a high visibility presence and prominent signage. Nearby lifestyle amenities include a Walmart, Dunkin, ShopRite, Outback, McDonald’s and Home Depot.
At 6 Emery Avenue in Randolph, Wilson represented the unnamed landlord in a lease agreement with Astute Academics, a provider of tutoring, SAT/ACT prep and virtual learning support services. The 15,000-SF single-story office building was constructed in the mid-1980s and features 63 paved-surface parking spaces.
“Well-located, small-to-midsized community office centers have tremendous allure for investors as well as small business enterprises because of their established presence and distinct profile,” said Wilson. “In terms of performance, they offer tenants flexibility and ownership a steady income stream.”
Resource Realty, which specializes in dispositions, acquisitions and leasing of office and industrial/warehouse properties as well as land development, is one of three offices in the state focusing on a specific New Jersey Metro – North, Central and South Jersey. Each office is independently owned and operated, with the North Jersey branch led by Principal Tom Consiglio since being established in 1990.
In addition to fortifying the firm’s presence across the state’s northernmost counties for more than three decades, Resource Realty also has been expanding its brokerage activities into New York State’s Rockland and Orange counties.
Based in Morris County, N.J., Resource Realty of Northern New Jersey is a world-class provider of commercial real estate solutions delivered with the personalized attention and autonomy of a boutique firm. Custom services include sales and leasing, landlord and tenant representation, corporate advisory and consulting, and investment property acquisitions. Founded as part of a collaborative consortium of three like-minded firms, Resource Realty of Northern New Jersey’s 30+ year reputation is rooted in market-specific expertise, a core client base and the cultivation of long-term industry-wide relationships.