NJ Trophy Office Asset Commands $27M

Intercontinental Real Estate Corp. and Ivy Realty have disposed of Morris Corporate Center IV, a two-building office property in Parsippany, N.J.

Morris Corporate Center IV in Parsippany, NJ
Morris Corporate Center IV in Parsippany, N.J.

A joint venture of Rubenstein Partners and Vision Real Estate Partners (VREP) has acquired Morris Corporate Center IV (MCC IV) in Parsippany, N.J. NKF Capital Markets represented the sellers, Intercontinental Real Estate Corp. and Ivy Realty, and procured the buyer. According to Yardi Matrix data, the asset traded for $27.1 million, which is roughly $2.2 million less than its previous sale price in 2015.

MCC IV is located at 369-379 Interpace Pkwy., in Morris County, and totals 350,917 square feet. The property comprises two five-story buildings, connected by a four-story glass atrium lobby, and provides more than 1,000 parking spaces. Situated near the four-way I-80/I-287 Interchange, the site is about an hour drive away from Manhattan.

Value-add investment

NKF’s team included Executive Managing Director Kevin Welsh, Managing Director Brian Schulz and Associate Chuck Kohaut of the Tri-State Capital Markets Team, in collaboration with Steven Schultz, executive managing director, capital markets, and David Simson, vice chairman & COO of NKF’s New Jersey operations.

“The property’s value-add investment profile was an ideal fit for Rubenstein Partners and VREP, who have successfully executed a number of prominent value-add transactions in Morris County,” said Welsh, in a prepared statement. “MCC IV’s trophy-quality market position, highlighted by its timeless architecture and highly efficient center core floorplates with horizontal and vertical leasing flexibility, were appealing to the joint venture, which is well positioned to execute an aggressive leasing campaign and create substantial long-term value.”

Image courtesy of NKF