Massey Knakal has sold a mixed-use building located at 28 West Park Place. The building resides on the south side of Washington Street, between Bank Street and Market Street, directly adjacent to the Morristown Green Park, in Morristown, New Jersey. The building was sold in a transaction valued at $1,220,000.
The property is a three-story mixed-use building and is approximately 5,000 square feet. It consists of two commercial units, with commercial space on the ground floor and office space above. A restaurant is currently leasing the ground floor unit, while the upper floors are currently vacant. The building benefits from a high volume of pedestrian and street traffic, due to its location in the center of the retail corridor and Morristown’s financial district, and its close proximity to the Morristown NJ Transit station, as well as the local hospital, municipality buildings, and hotels
“Demand for bite-sized assets like this has been very high and continues to grow in this low interest rate environment,” said Massey Knakal Chairman Bob Knakal, who exclusively handled this transaction with Director of Sales Kobi Leifer. “Commercial properties ‘on the green’ have always been and will remain in very high demand. This is the second mixed-use building we sold ‘on the green’ in just a couple of months,” added Leifer.
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