PARSIPPANY, NJ-Despite some concerns in the market that deals could slow down in the wake of the CMBS market collapse, the $110-million sale of Morris Corporate Center III at 400 Interpace Parkway here to institutional investors is evidence that trophy properties still sell, according to CB Richard Ellis.

The key to these deals is cold, hard cash. “These transactions that didn’t require financing,” get done, says Jeffrey Dunne, vice chairman of CBRE’s New York Institutional Group. Dunne, Kevin Welsh and Brian Schulz of CB Richard Ellis’ New York Institutional Group collaborated with Sam Buckley of CB Richard Ellis’ Saddle Brook Office. The buyer was advised by JP Morgan Asset Management.

CBRE is marketing a number of trophy and class A properties in the state, including Newport Tower, a 1.08-million-square-foot, 36-story office tower in Jersey City; Metropolitan Center in East Rutherford, NJ; and One Newark Center, a 416,429-square-foot office property in Newark. “Newport Tower is an all-cash deal,” Dunne notes. “The bidders for Metro Center will be institutional. So these will have nothing to do with CMBS.”