MONTVILLE, NJ—Vision Real Estate Partners has acquired the former Bayer Healthcare office campus here and is in the throes of deciding whether to re-lease the two-office buildings there or redevelop and reposition the property as a mixed-use asset.

The Mountain Lakes, NJ-based firm developed Bayer Healthcare's new 675,000-square-foot, 94-acre East Coast headquarters in Whippany. Bayer, which moved into its new Whippany headquarters last October, acquired the Whippany property from Vision Real Estate. In turn, Vision has exercised its option and acquired the two-building, 218,000-square-foot former Bayer Healthcare complex in Montville. No purchase price for the 27-acre campus was released. JLL's Capital Markets Group orchestrated the “multi-million-dollar, off-market trade” between Bayer and Vision Real Estate Partners.

“Our ability to assist Bayer through the full corporate property lifecycle – providing build-to-suit development as well as a disposition solution for its surplus space – not only secured us the chance to work on a great ground-up project, but also provided an opportunity to purchase this institutional-quality Morris County property,” say Sam Morreale, founder and managing partner of Vision Real Estate Partners. “The campus features outstanding accessibility in a region recognized for its quality of life.”