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CBRE Group completes $3.3M sale of industrial space

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Commercial real estate brokerage firm CBRE Group Inc. announced Monday it has completed the $3.3 million sale of 20 East Hadley Road in Parsippany.

The industrial flex property is 75,000 square feet and has sat vacant for more than 20 years.

The Lynbrook, N.Y.-based owner, GTJ Reit, which also owns numerous properties in the area, plans to refurbish the building.

“We’re especially excited to see this property come back to life because of its many potential uses,” Thomas Mallaney, first vice president, CBRE, said in a statement. “Once refurbished, the building could hold anything from office space to data centers and could even serve as a warehouse. It’s not too often that you see a space in such poor condition have the opportunity to make a huge comeback in the market.”

Mallaney and Susan Branch, project and marketing coordinator, represented the buyer.

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Emily Bader

Emily Bader

Emily Bader is the copy and web editor at NJBIZ. She is a Brielle, N.J. native and a Rutgers University alum. You can contact her at emilyb@njbiz.com or @emilybader on Twitter.

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