Morris Corporate Center IV in Parsippany
By Joshua Burd
A private debt lender provided a $97 million loan for a joint venture’s recent acquisition of the Morris Corporate Center IV campus in Parsippany, Newmark Knight Frank said Thursday.
Capital markets brokers with NKF said the acquisition loan, provided by ACORE Capital LP, helped finance the acquisition by Vision Real Estate Partners and Rubenstein Partners. The financing is also meant to fund capital improvements at the 700,000-square-foot campus, as its new owners seek to reposition the property and attract new tenants.
The brokerage team was led by NKF Capital Markets vice chairmen and co-heads for debt and structured finance, Jordan Roeschlaub and Dustin Stolly, along with Managing Director Nick Scribani.
“The proximity to major thoroughfares and airports including Newark International Airport dramatically increase the attractiveness of the property to prospective tenants and workforce talent,” Roeschlaub said.
Vision Real Estate Partners and Rubenstein Partners recently acquired the twin buildings from different sellers in two separate transactions. The joint venture now plans to unify and reposition the properties with new amenities and additional parking, capitalizing on their location at the four-way interchange of interstates 80 and 287, along with high-end construction, highly efficient floorplates and recently upgraded common spaces.
“Working with the teams from Rubenstein, VREP, and ACORE created a great opportunity to take an already outstanding office product to a new level of sophistication in a diverse market,” Stolly said.