Cushman & Wakefield Arranges Sale of Morris Corporate Center IV, Phase I
Vision Real Estate Partners/Rubenstein Partners Acquire Class A Parsippany, N.J. Asset.
- Bergen-Passaic, NJ (1888PressRelease) March 01, 2018 - Cushman & Wakefield has arranged the sale of Morris Corporate Center IV, Phase I, from a partnership of Northwestern Mutual and SJP Properties to a joint venture of Vision Real Estate Partners and Rubenstein Partners. The commercial real estate services firm’s East Rutherford, N.J.-based investment sales team represented the seller and procured the buyer in the trade of this trophy-caliber Parsippany office asset.
The property sits on 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, Inc. and Skanska USA Building, Inc.
“This best-in-market, headquarters-quality property offers in-place, financeable cash flow combined with upside via lease-up,” noted Cushman & Wakefield’s David Bernhaut, who headed the assignment with investment sales team members Andrew Merin, Gary Gabriel, Brian Whitmer and Andrew MacDonald, along 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 added that 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 noted. “Over the past several years these companies together have amassed a strong track record of successful suburban office campus plays in the regional market,” he added. “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 of this asset comes on the heels of the investment sales team arranging the sale and purchase financing for the nearby Morris Corporate Center III. P3 Properties acquired that 541,466-square-foot, Class A property in December 2017.
Cushman & Wakefield’s East Rutherford investment sales group specializes exclusively in office, industrial, multifamily, land and retail property trades throughout New Jersey, New York, and Fairfield County, Conn. The team has completed $27 billion worth of transactions since 2000, closing over $2.5 billion in sales in 2017.
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm with 45,000 employees in more than 70 countries helping occupiers and investors optimize the value of their real estate. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $6 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. To learn more, visit www.cushmanwakefield.com or follow ( @ ) CushWake on Twitter.
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