PCCP JV Grabs Former NJ Johnson & Johnson Campus
- Jun 22, 2018
PCCP and Vision Real Estate Partners have teamed up in the acquisition of a 66-acre corporate campus in Morris Plains, N.J. The seller, Johnson & Johnson, took ownership of the site following the 2006 purchase of Pfizer Consumer Healthcare.
The campus encapsulates three buildings totaling 884,000 square feet of office/R&D space. The first one is situated at 185 Tabor Road and is a Class A asset completed in 2006. It is also one of the county’s newest facilities. Amenities include modern building systems, open floor plans, improved mechanical systems and 892 parking spots. The other buildings are located at 201 Tabor Road and include two interconnected Class B and C assets built in phases between 1955 and the 1990s. The new owners plan to demolish the existing structures and redevelop the site.
Morris Plains Train Station, interstates 287 and 80, as well as routes 202 and 10 are located nearby and provide easy and quick access throughout the area. Transportation is also facilitated by two New Jersey transit rail lines which connect the town to New York City, Newark, N.J., and Hoboken, N.J.
Strong corporate presence
The campus was previously owned by Warner-Lambert and Pfizer and it is currently positioned within Honeywell’s global headquarters. The area is occupied by a diverse roster of tenants from the financial services, insurance, pharmaceuticals, biotech, telecommunications, electronics and transportation sectors. Due to the high concentration of quality employers and its transit-oriented status, Morris County ranked as the 11th wealthiest county in the U.S., according to the Census Bureau.
A Cushman & Wakefield Equity, Debt & Structured Finance team comprising Managing Director John Alascio, Senior Director Sridhar Vankayala and Associate Noble Carpenter, III arranged a joint venture equity for the acquisition on behalf of Vision Real Estate Partners, which continues its buying spree.
“We look forward to launching our plans to integrate and transform the campus to offer a mix of high-tech office, lab and light industrial space in an amenity-rich environment,” Vision Real Estate Partners Founder & Managing Director Sam Morreale said in a prepared statement.
Image courtesy of Yardi Matrix