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Morris Corporate Center III Sells for $110M

PARSIPPANY, NJ-The key to selling trophy properties in the wake of the CMBS collapse is cash, says CB Richard Ellis.

By Debra Hazel | Updated on September 15, 2011

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.

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