Vision Real Estate Partners Expands NJ Footprint
- Jan 31, 2017
Roseland, N.J.—Vision Real Estate Partners has expanded its northern New Jersey office footprint with the $48 million acquisition of a three-building portfolio located at 101, 103 and 105 Eisenhower Parkway in Roseland from Mack-Cali Realty Corp. Financing was arranged by John Alascio and John Spreitzer from Cushman & Wakefield’s equity, debt and structured finance team. Advisement came from Nicholas Karali of the firm’s Metropolitan Area capital markets group.
The company will immediately launch a multi-million dollar rebranding and renovation of the 610,000-square-foot portfolio to unify the assets as a 51-acre, Class A campus. The improvements will include interior and exterior upgrades, as well as an enhanced amenities package.
“These buildings—two of which are LEED-certified—occupy a prime location in a competition-constrained market,” said Sam Morreale, founder & managing partner of Vision Real Estate Partners, in prepared remarks. “They previously have been treated as three separate entities; we recognize an excellent opportunity to rebrand them as an integrated, leading-edge campus focused on lifestyle and collaboration. The existing quality tenants and strategic location are fundamental to the ongoing success of the campus.”
The buildings are home to 57 tenants including anchors Brach Eichler LLC; Orloff Lowenbach S & S; Lum, Drasco & Positan LLC; FTI Consulting and Marcum LLP. Vision Real Estate secured renewal agreements with Lum, Drasco & Positan for 19,379 square feet, DPC Data Inc. for 5,833 square feet, and with Newman, McDonough, Schofel & Giger PC for 3,990 square feet.
“We have acquired an attractive in-place tenant mix, with many companies that have a long-standing history with the property,” added Morreale in prepared remarks. “We look forward to providing a progressive, quality workplace environment that enables them to attract and retain the best talent. Their response to date has been nothing but positive.”
Vision Real Estate Partners has named NGKF as leasing agent for the Eisenhower Parkway campus. David Simson and Jeff Kolodkin will head the assignment. The team is marketing availabilities from 1,000 to approximately 44,000 square feet.
Image courtesy of Yardi Matrix