Vision Real Estate Partners Acquires Montville Office Campus
Firm to Reposition/Redevelop former Bayer Asset in Morris County, N.J.
- Bergen-Passaic, NJ (1888PressRelease) July 04, 2014 - Vision Real Estate Partners, LLC (VREP) has acquired Montville Corporate Campus, a 218,000-square-foot, Class A office property in Montville, from Bayer Pharmaceuticals. VREP is finalizing plans to either reposition and lease the two Class A buildings located there or redevelop the asset as a mixed-use property.
The acquisition ties to VREP's role as developer of Bayer Healthcare's new, 675,000-square-foot, 94-acre East Coast Headquarters in Whippany. As part of VREP's sale of that site to Bayer in 2012, the firm retained the option to purchase the Montville property - one of three from which Bayer consolidated operations to its new LEED Gold facility.
"Our ability to assist Bayer through the full corporate property lifecycle - providing build-to-suit development as well as a disposition solution for its surplus space - not only secured us the chance to work on a great ground-up project, but also provided an opportunity to purchase this institutional-quality Morris County property," noted VREP's Sam Morreale, founder and managing partner. "The campus features outstanding accessibility in a region recognized for its quality of life."
Located on a gated, 27-acre hilltop site at 340-342 Changebridge Road, Montville Corporate Campus currently includes twin, three-story travertine marble office structures. In its lease-up scenario the property will be rebranded, and VREP will invest nearly $15 million to reposition the buildings for single or multi-tenant occupancy. Alternately, the firm will launch a comprehensive, master-planned program to develop the campus into a mixed-use live/work/play environment. With frontage on I-80 at Exit 48, the property sits two blocks from Route 46, 1.5 miles from I-280 and three milesfrom I-287.
"The existing buildings provide excellent design, efficiency and aesthetics in a secure campus setting just minutes from the region's major thoroughfares, airports and conveniences," Morreale said. "As such, it is ideally suited for repositioning as a value-oriented, quality option in the market. At the same time, the mixed-use redevelopment opportunity is highly appealing. Montville consistently ranks high in CNN Money's annual ranking of America's best places to live, which underscores that potential."
Jones Lang LaSalle's Capital Markets Group orchestrated the multi-million-dollar, off-market trade from Bayer to VREP.
A full-service real estate investment, development and asset management company, VREP has deep roots in the Morris County commercial real estate marketplace. The company is based in Mountain Lakes, at its Mountain Lakes Corporate Center. As a classic local, hands-on owner, developer and operator, VREP is well known for its track record of identifying properties with great potential and transforming them into superior assets. The full-service firm maintains complete in-house capabilities and partners with national and global institutions, as well as private equity.
VREP has distinguished itself with its entrepreneurial approach and institutional pedigree, and by embracing the win-win nature of public/private partnerships that combine shared vision, expertise and teamwork excellence. The award-winning firm leverages its experience, relationships and hands-on approach to provide highly desirable real estate for tenants, sound financial investments for its partners, and performing, quality ratables for its host towns and municipalities. VREP currently owns and manages more than 2 million square feet of space in the region, and has over 100 acres of land parcels available for mixed-use and build-to-suit opportunities.
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