A trucking company currently leasing a 3.4-acre site in Parsippany will pay more than $1 million per acre to purchase the property and build a "state-of-the-art truck repair facility" there.
South Plainfield-based H.K. Truck Center has agreed to pay $3.68 million for five adjacent lots at the intersection of Route 202, Fanny Road and Intervale Road in Parsippany, according to a statement announcing the deal.
Located near the residential Lake Intervale neighborhood, the property also is close to an exit off Route 287. H.K. plans to demolish an existing building on the site as part of its redevelopment.
"At the time of the closing, it was the buyer's intent to continue and improve the operation," said Michael Walters of NAI James E. Hanson, the real estate firm that brokered the deal.
Former Corigliano Dodge site
The property was previously owned by members of the Corigliano family, who operated a gas station, repair shop and towing service there for generations. They built a showroom addition and opened a Dodge dealership on the property in 1970.
Walters and Cameron Silverstein represented members of the Corigliano family who are operating as HFC Holdings, in the sale to HK. Corigliano Towing is still in business, operated at a separate site by a family member not involved in the property sale.
"The way the building is set up with the showroom, it's not efficient," Walters said. "They want to update the buildings to be more consistent with how you would build a facility today for that type of operation. I think it will be a good thing for Parsippany."
H.K. Truck Center was founded in 1982 as a dealer for commercial truck parts, service, rental, leasing and sales.
“With the limited supply of space available for redevelopment in Morris County and the surrounding area, we are thrilled to have helped our client secure fair-market value while allowing a tenant to continue operating their business at the space,” Walters said.
William Westhoven is a local reporter for DailyRecord.com. For unlimited access to the most important news from your local community, please subscribe or activate your digital account today.
Email: wwesthoven@dailyrecord.com
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