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.
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
