State Farm sells 300 Kimball Drive in Parsippany, NJ for $ 66 million

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300 Kimball Drive, Parsippany, NJ

PARSIPPANY, NJ – State Agricultural Insurance sold 300 Kimball Drive, a class A trophy of approximately 400,000 square meters in Parsippany, NJ. Holliday Fenoglio Fowler marketed the property on behalf of County Farmwhich was recommended by Transwestern Investment Group, HFF also bought the private buyer. The seller was identified by Real Capital Analyticsis a proprietary database service that monitors commercial real estate transactions.

300 Kimball Drive occupies 9.29 acres of land at the intersection of Interstates 80 and 287, within a four-building, called 850,000-square-foot office park The center of Morris County, Originally built in 2001, County Farm acquired the property in 2012 and fully inhabited it until it expired in 2013 and underwent a complete renovation to facilitate multiple rentals. The five-story office building is LEED Silver certified, a recipient of the BOMA Building of the Year, and offers tenants a superb amenities package, including a fitness center with changing rooms, a full-service cafeteria, a conference center, an atrium lobby, a hiking trail and an outdoor patio and covered parking. The 78% rented property accommodates well-known tenants FM Global, Fiserv, Langan Engineering and Western World Insurance,

The HFF The investment advisor team representing the vendor included senior directors Kevin O & # 39; Hearn and José Cruz and senior directors Stephen Simonelli and Michael Oliver,

"It was great to work with a reputed institutional seller and his advisor. trans Westernon the successful sale of this widely visible trophy facility, which the owner changed from a full-user to a rental property with multiple tenants and an impressive tenant train, " O & # 39; Hearn says