Vision Real Estate Expands NJ Office Footprint
- Apr 30, 2018
Vision Real Estate Partners has acquired a Class A office building in Parsippany, N.J., located within the Waterview Corporate Center in Morris County. According to Yardi Matrix, the firm purchased the asset from Mack-Cali Realty Corp. for $12.9 million. The sale was subject to a $16.6 million loan, held by A10 Capital. Earlier this month, the company secured a $97 million acquisition loan for Morris Corporate Center East & West, two office buildings also in Parsippany.
Situated at 20 Waterview Blvd., the property comprises 226,317 square feet across four stories. This building is the largest of the premier office park’s assets, featuring flexible floor plates for suites ranging from 10,000 to 100,000 square feet. Constructed in 1988, the property is adjacent to Waterview Marketplace, a retail center anchored by Whole Foods that is currently under construction. Routes 46 and 202, as well as interstates 287 and 80 are all located nearby.
“20 Waterview Blvd. was particularly attractive to us and will undergo extensive redevelopment and rebranding as it combines future core-plus stability with a current value-add component on the leasing side,” said Sam Morreale, founder & managing partner of Vision Real Estate Partners, in a prepared statement. “We are planning extensive renovation projects to transform 20 Waterview Blvd. into a fully-amenitized building, providing current and future tenants with an enhanced corporate environment.” Renovations will include updating the lobby and collaborative spaces, exterior updates and the creation of amenity facilities.
JLL served as the sales agent in the deal, while Colliers International will handle leasing.
Image courtesy of Vision Real Estate Partners