PARSIPPANY, NJ—P3 Properties has acquired the 541,466-square-foot, class-A Morris Corporate Center III from institutional investors advised by J.P. Morgan Asset Management. Cushman & Wakefield arranged the sale and purchase financing for the transaction. According to Real Capital Analytics, a proprietary research database, J.P. Morgan acquired the property from TIAA-CREF in July 2011 for $109.2 million. The current sale price could not be immediately learned.

The MCCIII complex includes four interconnected, class-A buildings on a 27-acre, amenity-rich campus at 400 Interpace Parkway. The park is 62-percent leased to four occupants with an average remaining lease term of more than six years, including global credit tenants TEVA Pharmaceuticals and Ogilvy CommonHealth Worldwide.

“With this purchase, P3 Properties added to its portfolio a best-in-market, headquarters-quality office park with in-place, financeable cash flow and substantial upside,” says Gary Gabriel of Cushman & Wakefield's Metropolitan Area Capital Markets Group, who headed the assignment with Andrew Merin, David Bernhaut, Kevin Donner, Brian Whitmer and Andrew MacDonald. Cushman & Wakefield's Equity Debt and Structured Finance Group, led by John Alascio and Sridhar Vankayala, arranged $58.8 million in purchase financing, including approximately $15 million of future funding earmarked for property upgrades.