“These two class A office properties are located directly across from each other within Waterview Corporate Center, but are profiled differently, with value-add and core-plus attributes for 20 Waterview and 35 Waterview, respectively,” says Walsh. “Investors were attracted to Waterview Corporate Center's long history of strong occupancy and ability to attract credit-worthy tenants.”

The Waterview Corporate Center is a six-building office complex totaling approximately one million square feet, at the intersection of Route 46, Route 202 and Interstate 287 and less than a half-mile from I-80. The stretch of Route 46 three miles east and west of Waterview Corporate Center is one of northern Morris County's most active retail corridors, including numerous restaurants, grocery stores, major retailers, hotels, bank branches and more.

Constructed in 1988, the 225,550-square-foot 20 Waterview Boulevard occupies about 16.8 acres of land and features 778 parking spaces. The four-story office building had five tenants and was 43.9-percent occupied when acquired by Vision Real Estate Partners.

“20 Waterview Boulevard was particularly attractive to us and will undergo extensive redevelopment and rebranding as it combines future core-plus stability with a current value-add component on the leasing side,” says Vision Real Estate Partners' Sam Morreale, founder and managing partner. “We are planning extensive renovation projects to transform 20 Waterview Boulevard into a fully-amenitized building, providing current and future tenants with an enhanced corporate environment.” Renovations will include an updated lobby with collaborative space and exterior upgrades as well as creative amenity facilities.

The 1990-vintage, 172,490-square-foot 35 Waterview Boulevard occupies about 12.9 acres of land and features 600 parking spaces. The four-story office building had 15 tenants and was 95.7 percent occupied when bought by Arcadian Capital Group.

The 150,150-square-foot Waterview Marketplace is being built on more than 16 acres of land strategically located at the jug-handle intersection of Route 46 and Waterview Boulevard in Parsippany. JMF Properties, RD Management and Ripco broke ground in July 2017, and expect to complete construction this year. Waterview Marketplace will include a 47,558-square-foot Whole Foods supermarket with 4,100 square feet of indoor and outdoor seating.

UPDATE, 4/26/2018, 10:35 a.m.: Comments from Vision Real Estate Partners' Sam Morreale added to the story.

Correction, 4/26/2018, 8:13 a.m.: Because of an editing error, an earlier version of this article reported the sale price of 35 Waterview Blvd. was $20 million. The correct sale price is $29 million.