By Joshua Burd
Two former Mack-Cali Realty Corp. buildings in Parsippany are under new ownership, following a set of investment sales announced this week by JLL.
The firm said it represented Mack-Cali in the sales of the buildings at 20 Waterview Blvd. and 35 Waterview Blvd., both part of the Waterview Corporate Center campus. Vision Real Estate Partners acquired 20 Waterview, which totals 225,550 square feet, while Arcadian Capital Group LLC bought the 172,498-square-foot complex at 35 Waterview.
The JLL team included Joseph Garibaldi and Thomas Walsh, managing directors, along with Vice President Stephen Feinberg and Associate Katelyn Borovsky.
“These two Class A office properties are located directly across from each other within Waterview Corporate Center, but are profiled differently, with value-add and core-plus attributes for 20 Waterview and 35 Waterview, respectively,” Walsh said. “Investors were attracted to Waterview Corporate Center’s long history of strong occupancy and ability to attract credit-worthy tenants.”
The same team also arranged a joint venture partnership between PGIM Real Estate and a group including JMF Properties, RD Management LLC and Ripco Real Estate Corp. for the development of a 150,150-square-foot shopping center nearby. Known as Waterview Marketplace, the complex will be anchored by a 47,558-square-foot Whole Foods supermarket.
The center is being built on more than 16 acres at the jug handle intersection of Route 46 and Waterview Boulevard, JLL said in a news release. JMF, RD Management and Ripco broke ground on the shopping center in July 2017, with completion slated for later this year.
Waterview Corporate Center is a six-building, Class A office complex totaling roughly 1 million square feet, JLL said. The campus sits at the intersection of Route 46, Route 202 and Interstate 287 and is less than a half-mile from Interstate 80.
Vision Real Estate Partners announced separately Thursday that it will make extensive renovations at 20 Waterview, which was built in 1988 and was 43.9 percent occupied at the time of the deal. The property also features 778 parking spaces.
“We are planning extensive renovation projects to transform 20 Waterview Boulevard into a fully amenitized building, providing current and future tenants with an enhanced corporate environment,” said Sam Morreale, founder and managing partner of Vision Real Estate Partners.
Renovations will include an updated lobby with collaborative space and exterior upgrades, as well as creative amenity facilities. Colliers International will serves as its leasing agent.
JLL also said 35 Waterview, which has 600 parking spaces, was built in 1990. The four-story office building had 15 tenants and was 95.7 percent occupied when bought by Arcadian Capital Group.