PARSIPPANY, NJ-An office building here at 299 Jefferson Road that was redeveloped by Vision Equities has been sold for $32.4 million.
Cole Corporate Income Trust bought the building, which serves as corporate headquarters for Evonik Degussa Corp. Vision will continue to provide asset/property management for the 150,500-square-foot asset.
Vision acquired the property in 2010 knowing its previous sole occupant would be departing. “We recognized that after we executed our redevelopment and modernization plan, a building of this size and quality in such a desirable submarket would appeal to a corporate user looking to establish a full-building operation,” said Sam Morreale, Vision's co-founder and managing partner in a statement.
“We rolled out a repositioning strategy, and Evonik – which had outgrown its space at another Parsippany building – understood the value proposition,” he said.
After Evonik committed, Vision built out a headquarters space for the specialty chemicals company, with a new, three-story atrium lobby, hardwood and granite finishes upgraded landscaping and parking. Building mechanicals and the cafeteria were updated and a fitness center was added. Evonik took occupancy in late 2011.
According to Fred Arena, Vision's co-managing partner, the sale is emblematic of his long-term investment approach: “We purchased a property that we knew had great potential, attracted a long-term credit tenant by providing quality product at a highly competitive rate, and were approached by a prominent REIT to invest in the finished product,” he said. “We remain involved in the building's operation on a day-to-day basis, ensuring that our tenant will benefit from the same responsive, efficient service they have come to expect.”
Based in Mountain Lakes, Vision Equities invests in office, industrial, flex, mixed-use and retail, including both stabilized assets and development/redevelopment sites.
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