Listen to this articleHealth care software company Agadia Systems Inc. will move its global headquarters to Morris Plains following its purchase of an office building there.
Cushman & Wakefield announced the sale of 201 Littleton Rod to the SiriVasha LLC sister company for $10.25 million Sept. 30.
Firm Executive Vice Chair David Bernhaut, Executive Managing Director Frank DiTommaso, Managing Director Andrew Schwartz, Director Jordan Sobel, Senior Associate Andre Balthazard, Associate Dan Bottiglieri and Senior Financial Analyst Bill Baunach represented the seller, Chopp Holdings, as well as procured the buyer in the transaction. Additionally, a Cushman & Wakefield Equity, Debt & Structured Finance team of Executive Managing Director Brian Anderson and Senior Financial Analyst Eddie Miro arranged the financing on behalf of the buyer.
According to its website, Agadia Systems is currently based in Parsippany.
Sobel described the newly acquired 89,100-square-foot property as offering “a unique opportunity to acquire a well-occupied office asset with significant in-place cash flow and value-add potential.”
He noted 201 Littleton has experienced recent leasing velocity, with five new deals totaling more than 22,000 square feet. This “demonstrates the sustained demand for high-quality, well-located office space in the New Jersey market,” Sobel added.
The deal comes on the heels of another office sale in Somerset County announced this week that highlighted the tightening availability of such accessible, and quality, spaces.
An accessible, amiable setting
201 Littleton sits on 16.5 acres in Morris County, offering a park-like setting with lake views and outdoor terraces.
The three-story structure features recently refreshed lobby and common areas. Average suite sizes come in at about 4,700 square feet, Cushman & Wakefield said, directly serving current market demands.
It also offers immediate access to major roadways for commuters and clients, such as Interstate 287 and 80 as well as Route 10.
“The team at Chopp Holdings has done an excellent job throughout the course of their ownership, and we are pleased to have had the opportunity to represent them while securing a long-term buyer for the property,” added DiTommaso.
A CushWake team featuring Schwartz and others arranged the sale of 201 Littleton in 2019. A month after purchasing the property from Mack-Cali Realty Corp., local investor Chopp Holdings tapped Cushman & Wakefield as exclusive leasing agent for the space.
