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NAI Hanson facilitates property sale

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New Jersey real estate firm NAI James E. Hanson announced Thursday that it has facilitated the sale of a Parsippany property that will become an Advanced Auto Parts store.

NAI Hanson Senior Vice President John Schilp represented the seller, 1500 Route 46, LLC, NAI Hanson said in a news release. Rick Riccardi of NJ Commercial Realty Inc. represented the buyer, Advance Stores Company Incorporated.

“Over the past few years, we’ve seen a significant uptick in the retail market in Parsippany,” Schilp said. “The lot sits in a highly trafficked retail corridor along Route 46, and has a lot of potential for redevelopment.”  

Construction has begun on a 10,000-square-foot Advanced Auto Parts store, the release said. The site had been the location of a gas station.

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