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Vision, Rubenstein JV Acquires Parsippany Office Complex

Deal Marks Latest in Series of Sales at Morris Corporate Center
February 28, 2018
Rounding out a flurry of office sales in Parsippany, NJ, the Morris Corporate Center IV, Phase I property has been acquired by a joint venture of Vision Real Estate Partners LLC and Rubenstein Partners LP.

Northwestern Mutual Life Insurance Company and SJP Properties sold the asset for $43 million, or about $126 per square foot, according to public records.

The office property, located on 14 acres at 389 - 399 Interpace Parkway, has two interconnected, four-story buildings totalling 340,000 square feet. It is currently 71 percent occupied by four tenants, including anchors Reckitt Benckiser Inc. and Skanska USA Building Inc.

Cushman & Wakefield of New Jersey LLC's East Rutherford, NJ-based investment team of David Bernhaut, Andrew Merin, Gary Gabriel, Brian Whitmer and Andrew MacDonald brokered the sale on behalf of the sellers and procured the buyers.

Please see CoStar COMPS #4130913 for additional information on this transaction.

In a statement, Bernhaut said that the property "offers in-place, financeable cash flow combined with upside via lease-up."

The office complex’s "value-add opportunity drew multiple rounds of bidding, primarily from private investors," according to Bernhaut.

The acquisition is a good fit for Vision Real Estate Partners and Rubenstein Partners, which have done a number of suburban-office-campus deals in the region during the past few years, Bernhaut said.

"Additionally, they recently acquired the adjacent Morris Corporate Center IV, Phase II, from a separate seller," he said. "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."

In that sale, Ivy Realty Services LLC and Intercontinental Real Estate Corp. sold that two-building office complex at 369-379 Interpace Parkway in Parsippany, NJ, to Rubenstein Partners and Vision Real Estate for $27.1 million, or roughly $75 per square foot. The two Class A office buildings total 359,671 square feet.

Cushman & Wakefield’s investment sales team also arranged the sale and purchase financing for the nearby four-building Morris Corporate Center III in Parsippany, NJ.

P3 Properties acquired that 541,466-square-foot, Class A property in December from JPMorgan Chase & Co. for $60 million, or about $111 per square foot. That complex is on a 27-acre parcel at 400 Interpace Parkway.

Linda Moss, Northern New Jersey Market Reporter  CoStar Group   
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