Rubenstein, Vision Real Estate Ink Twin NJ Office Deals

The longtime joint venture team purchased Phases I and II of the former Morris Corporate Center IV in Parsippany, N.J. The partnership is set to renovate and rebrand the five-story trophy buildings.
Morris Corporate Center IV in Parsippany, N.J.
Morris Corporate Center IV in Parsippany, N.J.

In two separate transactions, Vision Real Estate Partners and Rubenstein Partners have snapped up Phases I and II of the former Morris Corporate Center IV in Parsippany, N.J. With the completion of the acquisition, the joint venture adds 700,000 square feet of trophy quality office space to their holdings. A joint venture between Northwestern Mutual and SJP Properties sold the first phase of the campus, while a partnership of Intercontinental Real Estate Corp. and Ivy Realty sold Phase II.

The twin five-story buildings, located along Interpace Parkway, were developed in 1999 and 2000, respectively, and each features approximately 350,000 square feet. Vision and Rubenstein will waste precious little time transforming the Morris County office buildings through capital investment and a rebranding program.

Phases I and II have great potential to thrive in the market. “Space of this caliber and scope is fairly limited in the Morris County market. As a quality, large-block vacancy, the property offers a distinctive opportunity for headquarters and regional users,” Sam Morreale, founder & managing partner of Vision Real Estate Partners, said in a prepared statement.

Commercial real estate services firm Cushman & Wakefield orchestrated the Phase I transaction on behalf of sellers, while NKF Capital Markets represented the Intercontinental joint venture in the sale of Phase II. NKF Capital Markets also secured the $97 million loan for the transactions. The team facilitating the financing included Jordan Roeschlaub and Dustin Stolly, vice chairmen & co-heads of debt and structured finance, Nick Scribani, managing director, Bob Tonnessen, associate director, and Jason Deck, analyst.

Partnership prowess

Vision and Rubenstein are longtime partners, having joined forces on many investments in Morris County. “An affluent, well-educated population, ample, diversified housing options and access to abundant retail, dining, hospitality and recreational amenities contribute to this submarket’s historic appeal to major corporate users,” Stephen Card, principal with Rubenstein Partners, said in prepared remarks. “Our regional, value-add investments with Vision Real Estate Partners have leveraged these advantages as a key component of our successful repositioning plays.”

Vision and Rubenstein’s long list of joint venture endeavors include the acquisition of Warren Corporate Center, an 820,000-square-foot Warren office complex. After acquiring The Crossings at Jefferson Park in Whippany last June and submitting the property to a multi-million-dollar upgrade, the partners sold the property to long-term tenant Barclays Capital.

Image courtesy of Vision Real Estate Partners