The deal includes 185 and 201 Tabor Road, a 66-acre corporate campus that includes one Class A office building and a series of smaller Class B and Class C buildings slated for redevelopment. The joint venture purchased the properties from the previous occupant, New Brunswick-based Johnson & Johnson.
Financial terms were not disclosed.
“Our joint venture viewed this as an opportunity to acquire a vacant, high-quality asset in 185 Tabor Road at an attractive basis well below replacement cost,” PCCP Vice President Ryan Dodge said in a prepared statement. “We also see further upside through a redevelopment/rezoning opportunity in 201 Tabor Road, which, once repositioned, we believe that we will see strong interest from local market occupiers.”
The 240,000-square-foot property at 185 Tabor Road was built in 2006, while the property at 201 Tabor Road includes 644,000 square feet worth of connected office buildings built between the 1950s and the 1990s. The buyers intend to demolish those buildings and redevelop the site, they said.
“What makes the campus special is its prime location in a neighborhood where established corporate users are already flourishing,” Sam Morreale, founder and managing partner of Vision Real Estate Partners, said in a statement. “This creates great potential for redevelopment.”
The buildings are adjacent to Honeywell’s new global headquarters and near the Morris Plains train station and major highways including interstates 80 and 287.
A Cushman & Wakefield team of John Alascio, Sridhar Vankayala and Noble Carpenter III served as Vision’s exclusive adviser in arranging joint venture equity for the transaction.
“Vision Real Estate Partners continues to redefine the landscape of redeveloping large, obsolete office campus parks in the tri-state region,” Alascio, an executive managing director with the firm, said in a statement. “PCCP was able to build on this investment thesis and foundation in a newly formed joint venture, and will bring capital expertise and resources to execute on the business plan.”