Morris Corporate Center IV phase one in Parsippany — Courtesy: Cushman & Wakefield
By Joshua Burd
A familiar joint venture has acquired a 340,000-square-foot office complex in Parsippany, less than two months after announcing its purchase of an adjacent sister property on the campus.
The buyers, Vision Real Estate Partners and Rubenstein Partners, have added Morris Corporate Center IV phase one as part of the acquisition from SJP Properties and Northwestern Mutual, brokers with Cushman & Wakefield announced. The two interconnected buildings, located at 389 and 399 Interpace Pkwy., sit near the nexus of interstates 80 and 287 and are part of a larger campus developed by SJP and its partners over more than three decades.
Terms were not disclosed.
The joint venture of VREP and Rubenstein now own nearly 700,000 square feet within the well-known campus, following their acquisition early this year of Morris Corporate Center IV phase two. The firms purchased the complex from Intercontinental Real Estate Corp. and Ivy Realty.
Their newest addition is 71 percent occupied by four tenants, including anchors Reckitt Benckiser Inc. and Skanska USA Building Inc., C&W said. The real estate services firm touted the complex’s “financeable cash flow combined with upside via lease-up.”
SJP’s development of Morris Corporate Center goes back to the early 1980s. The developer completed the first phase of Morris Corporate IV in 1999 and the second phase in 2000, according to its website.
C&W’s David Bernhaut headed the assignment with investment sales team members Andrew Merin, Gary Gabriel, Brian Whitmer and Andrew MacDonald, along with leasing specialist Bill Brown. They said the value-add opportunity property drew multiple rounds of bidding, primarily from private investors.
“This asset really is an ideal fit for Vision Real Estate Partners and Rubenstein Partners,” Bernhaut said. “Over the past several years these companies together have amassed a strong track record of successful suburban office campus plays in the regional market.”
The deal also comes just a few months after the sale of another piece of Morris Corporate Center. In December, P3 Properties announced that it acquired the 541,466-square-foot, Morris Corporate Center III from institutional investors advised by J.P. Morgan Asset Management.