A Morris County property containing a day care center sold last month to an undisclosed buyer for $4.3 million, after previously selling for $250,000 over 20 years ago.
That’s according to local property records, as well as a Wednesday announcement by real estate services firm Marcus & Millichap, which arranged the sale.
The day care provider — BrightPath Childcare Center in Parsippany-Troy Hills — will still remain open at the property, according to representatives from both BrightPath and Marcus & Millichap.
The property changed hands in 2002 when it was sold to Michael Pushak for $250,000 — or $447,00 in 2025 dollars according to the federal inflation calculator.
Pushak sold it to Pavillion Properties, based in Parsippany, for $1 in 2007, property records show. BrightPath was then constructed in 2014, the Wednesday press release states. It was sold on March 24 to the undisclosed buyer, property records show.
Camila Madera, a spokesperson for Marcus & Millichap, declined to disclose the name of the most recent property owners, nor is the most recent buyer currently listed in property records.
Commercial property sales, including suburban office buildings, downtown centers, grocery stores or retail strip malls, are fairly common and do not necessarily mean the closure of the businesses on the property.
These properties are typically bought as an investment and income source, according to a blog post by DRK, based in Ohio.
Daniel Munoz covers business, consumer affairs, labor and the economy for NorthJersey.com and The Record.
Email: munozd@northjersey.com; Twitter:@danielmunoz100 and Facebook
This article originally appeared on NorthJersey.com: Morris County building with day care center sold for $4.3M