PARSIPPANY, NJ—Vision Real Estate Partners and Rubenstein Partners are adding to their holdings in the Morris Corporate Center.
Northwestern Mutual and SJP Properties have sold Morris Corporate Center IV, Phase I, to Vision and Rubenstein. Cushman & Wakefield arranged the sale, representing the seller and procuring the buyer in the trade of this trophy-caliber Parsippany office asset. Earlier this year, Vision and Rubenstein acquired a different portion of the iconic corporate park.
UPDATE: On April 5, NKF Capital Markets said that it has successfully arranged a $97 million loan for Rubenstein and Vision, secured through ACORE Capital, for the acquisition. NKF Capital Markets' vice chairmen and co-heads, Debt & Structured Finance, Jordan Roeschlaub and Dustin Stolly, along with managing director Nick Scribani led the transaction. The financing facilitated the acquisition and funds capital improvement upgrades that will facilitate fully leasing the buildings to future high-quality tenants, NKF says.
The property occupies 14 acres at 389 and 399 Interpace Parkway. Its two interconnected, four-story buildings total 340,000 square feet and currently are 71-percent occupied by four tenants – including anchors Reckitt Benckiser and Skanska USA Building.
“This best-in-market, headquarters-quality property offers in-place, financeable cash flow combined with upside via lease-up,” says Cushman & Wakefield's David Bernhaut, who headed the assignment with investment sales team members Andrew Merin, Gary Gabriel, Brian Whitmer and Andrew MacDonald, with leasing specialist Bill Brown. “Located at the confluence of Interstates 80 and 287, and Routes 46 and 202, it provides convenient local and regional access, with proximity to retail and hotel amenities, and a wide range of executive and workforce housing alternatives.”
Bernhaut says the value-add opportunity drew multiple rounds of bidding, primarily from private investors. “This asset really is an ideal fit for Vision Real Estate Partners and Rubenstein Partners,” he says. “Over the past several years these companies together have amassed a strong track record of successful suburban office campus plays in the regional market. Additionally, they recently acquired the adjacent Morris Corporate Center IV, Phase II, from a separate seller. We look forward to seeing what they have planned for the entire, 691,000-square-foot campus, which has long been recognized as one of Morris County's premier business addresses.”
Cushman & Wakefield's involvement in the sale comes on the heels of the investment sales team arranging the sale and purchase financing for the nearby Morris Corporate Center III. As previously reported by GlobeSt.com, P3 Properties acquired that 541,466-square-foot, class A property in December 2017.
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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].
