A 340,000-square-foot Parsippany office property has been sold, according to real estate firm Cushman & Wakefield.
C&W said the Morris Corporate Center IV, Phase I, was sold by a partnership of Northwestern Mutual and SJP Properties to a join venture of Vision Real Estate Partners and Rubenstein Partners. The two buildings, at 389 and 399 Interpace Parkway, are 71 percent occupied by four tenants, including anchors Reckitt Benckiser Inc. and Skanska USA Building Inc.
“This best-in-market, headquarters-quality property offers in-place, financeable cash flow combined with upside via lease-up,” C&W’s David Bernhaut said in a prepared statement. “Located at the confluence of interstates 80 and 287 and routes 46 and 202, it provides convenient local and regional access, with proximity to retail and hotel amenities and a wide range of executive and workforce housing alternatives.”
An East Rutherford-based C&W investment sales team made up of Bernhaut, plus Andrew Merin, Gary Gabriel, Brian Whitmer and Andrew MacDonald, represented the seller and procured the buyer in the trade. Leasing specialist Bill Brown assisted on the deal.
The property drew multiple rounds of bidding, primarily from private investors, Bernhaut said.
“This asset really is an ideal fit for Vision Real Estate Partners and Rubenstein Partners,” he 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.
“Additionally, they recently acquired the adjacent Morris Corporate Center IV, Phase II, from a separate seller. We look forward to seeing what they have planned for the entire 691,000-square-foot campus, which has long been recognized as one of Morris County’s premier business addresses.”
C&W’s team handled the December sale of Morris Corporate Center III, which was purchased by P3 Properties.