NAI Hanson Facilitate Sale of Prime Retail Land Along Route 46 in Parsippany, N.J.

Uptick in Parsippany’s Retail Market Continues

PARSIPPANY, N.J. (July 10, 2014) – NAI James E. Hanson, a leading New Jersey-based commercial real estate firm, today announced sale of a 1.1-acre land site at 1500 Route 46 West in Parsippany, N.J.

NAI Hanson Senior Vice President John Schilp represented the seller, 1500 Route 46, LLC, in the transaction. Rick Riccardi of NJ Commercial Realty Inc. represented the buyer, Advance Stores Company Incorporated, owner of Advance Auto Parts.

“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.” 

Adjacent to the site to the west is Buffalo Wild Wings, and Walgreen’s is located to the east.

Previously the location of a gas station, Advance Stores Company Incorporated has already started construction on a 10,000-square-foot Advanced Auto Parts store at the site.

About NAI James E. Hanson

Since 1955, NAI James E. Hanson has been a leading independent full-service brokerage commercial real estate and property management firm serving a diverse client list. NAI Hanson offers its clients strategic solutions and provides comprehensive value-added services such as office, industrial and retail brokerage, investment sales, land sales, management, government services and financing expertise.

NAI Hanson is also one of the original members of NAI Global, an international commercial real estate network with over 400 offices spanning the globe. For more information on NAI James E. Hanson, contact William C. Hanson, SIOR, at the company’s Hackensack office at 201-488-5800 or visit www.naihanson.com.

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