CBRE Group Brokers Sale of Four-Building Office Portfolio in Parsippany

PARSIPPANY, N.J. — CBRE Group Inc. has brokered the sale of a four-property office portfolio in Parsippany. Cornerstone Real Estate Advisers, acting on behalf of a firm-managed fund, sold the properties to a joint venture between Lincoln Property Co. and Red River Asset Management for an undisclosed price. The 210,888-square-foot portfolio includes 10, 20 and 30 Lanidex Plaza and 299 Cherry Hill Road. Currently the portfolio is 67 percent leased to 15 tenants with stability provided by 30 Lanidex, which is 100 percent leased on a long-term basis. Jeffrey Dunne, Kevin Welsh, Brian Schula and Frank Maresca of CBRE Institutional Properties along with Jeremy Neuer of CBRE’s East Brunswick, N.J., office represented the seller and procured the buyer in the transaction.