Vision Real Estate, Barings complete 18 lease transactions at East Hanover Commerce Center

Morris County deals speak to continued demand for small-bay spaces

CBRE on Thursday said it completed 18 leases at East Hanover Commerce Center, a three-building industrial complex located in the heart of Morris County along the Route 10 corridor.

Eighteen deals have been completed since Vision Real Estate Partners, a full-service real estate investment, development and asset management company, and Barings, one of the world’s largest diversified real estate investment managers, tapped CBRE in November 2021 to oversee leasing at this centrally located property.

The CBRE team of Thomas Monahan, Larry Schiffenhaus, Stephen D’Amato, Anastasia Lazarides, Gerard Monahan and Lauren Hageman oversee the leasing campaign in East Hanover and negotiated all the transactions, in conjunction with Vision’s in-house leasing manager, Ryan McCarthy.

“East Hanover Commerce Center experienced tremendous leasing activity during 2022 as demand for quality industrial space, and, specifically, small bay space in New Jersey remained very strong,” Schiffenhaus said. “In addition, the new leases speak to the ownership’s commitment to the asset and hands-on approach to management and stabilizing the facility.”

“The partnership of Vision and Barings, alongside of the leasing team at CBRE, is thrilled with our collective success at East Hanover Commerce Center,” Ryan Fraser, senior vice president of investments at Vision, said. “Vision’s vertically integrated platform has allowed us to efficiently execute the business plan as we leverage our in-house capabilities to deliver high-quality space and service for our tenants.”

Located at 9, 11 and 15 Melanie Lane, East Hanover Commerce Center is a 167,000-plus-square-foot industrial/flex complex with convenient access to major highways, including Interstates 287, 280, 80 and 78 and Routes 24 and 46, as well as the Morristown Municipal Airport. The well-maintained industrial park features drive-in and loading docks, as well as ceiling heights from 15 to 24 feet, and is now 99% occupied.