103 Eisenhower Parkway, one of three buildings in a 610,000-square-foot portfolio acquired by Vision Real Estate Partners — Courtesy: Vision Real Estate Partners
By Joshua Burd
Looking to replicate its success with other suburban office properties, Vision Real Estate Partners has acquired a three-building, 610,000-square-foot portfolio on Eisenhower Parkway in Roseland, where the firm is now planning a series of upgrades.
The Mountain Lakes-based firm announced Friday that it had purchased the portfolio from Mack-Cali Realty Corp., while inking several renewals as it was under contract to buy the properties. The buildings, which are home to 57 tenants and sit just off Interstate 280, include 101, 103 and 105 Eisenhower Parkway.
The announcement did not disclose the sale price, but multiple sources reported that the transaction was valued at roughly $48 million.
John Alascio and John Spreitzer from Cushman & Wakefield’s Equity, Debt and Structured Finance team arranged financing, with Nicholas Karali of the firm’s Metropolitan Area Capital Markets Group serving as an adviser.
Vision Real Estate Partners said it will immediately launch a multimillion-dollar “rebranding and renovation to modernize and unify the assets as a 51-acre, Class A campus.” Sam Morreale, the firm’s founder and managing partner, noted that the buildings “occupy prime location in a competition-constrained market,” with two of the three having attained certification for sustainable design from the U.S. Green Building Council.
“They previously have been treated as three separate entities,” Morreale said in a prepared statement. “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 firm’s planned capital improvements include comprehensive interior and exterior upgrades, and enhanced amenities. It will be a similar approach to that taken at the Crossings at Jefferson Park in Whippany, where the firm recently completed a multimillion-dollar rebranding and repositioning of the 525,000-square-foot campus that was capped off with a new, 11,000-square-foot, stand-alone amenities center.
Morreale added that the “stable, in-place cash flow and repositioning upside” attracted his firm to the Eisenhower Parkway portfolio. The buildings’ tenants include anchors Brach Eichler LLC, Orloff Lowenbach S. & S., and FTI Consulting, along with Marcum LLP and Lum, Drasco & Positan, LLC.
“We have acquired an attractive in-place tenant mix, with many companies that have a long-standing history with the property,” Morreale said. “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 secured renewal agreements with Lum, Drasco, Positan LLC for 19,379 square feet and DPC Data Inc. for 5,833 square feet, the firm said in a news release. Newman, McDonough, Schofel & Giger PC also renewed for 3,990 square feet.
The deals were executed upon the sale closing, the news release said. Timothy Greiner and Jamie Regucci of Newmark Grubb Knight Frank represented Lum, Drasco, Positan LLC, while Jon Williams of Cushman & Wakefield served as tenant representative for both DPC Data Inc. and Newman, McDonough, Schofel & Giger PC.
Vision Real Estate Partners has named NGKF as leasing agent for the Eisenhower Parkway campus, the news release said. David Simson and Jeff Kolodkin will head the assignment, marketing availabilities from 1,000 to about 44,000 square feet.
The campus is directly off Exit 4 of I-280 near the junction of Interstate 287, in the heart of New Jersey’s “Wealth Belt.”
“This fully amenitized complex — modernized for 2017 and the future — will offer tenants an opportunity for efficiency, growth and success,” said Simson, NGKF’s New Jersey vice chairman and chief operating officer. “We are proud to represent the new ownership in presenting this first-class working environment along the desirable I-280/Roseland-Livingston corridor.”