PARSIPPANY, NJ—A joint venture of Rubenstein Partners and Vision Real Estate Partners has acquired Morris Corporate Center IV, 369-379 Interpace Parkway, Parsippany, NJ. Financial terms were not disclosed.
As previously reported by GlobeSt.com, a team from NKF Capital Markets led by executive managing director Kevin Welsh, managing director Brian Schulz and associate Chuck Kohaut with Steven Schultz, executive managing director, capital markets and David Simson, vice chairman and COO of NKF’s New Jersey operations, was named to represent property owners Intercontinental Real Estate Corporation and Ivy Realty in seeking buyers for the property. Intercontinental and Ivy acquired the property, which was built in 2000, from MetLife in 2015.
MCC IV is one of Morris County’s premier office properties, with two, five-story office buildings totaling 350,917 square feet, connected by a signature, four-story glass atrium lobby. The building is located at the four-way I-80/I-287 Interchange in Parsippany (Exit 42B), with a number of nearby mixed-use developments and new national retailers creating a dynamic amenity base that today’s tenants demand.
“The property’s value-add investment profile was an ideal fit for Rubenstein Partners and VREP, who have successfully executed a number of prominent value-add transactions in Morris County,” says Welsh. “MCC IV’s trophy-quality market position, highlighted by its timeless architecture and highly efficient center core floorplates with horizontal and vertical leasing flexibility, were appealing to the joint venture, which is well positioned to execute an aggressive leasing campaign and create substantial long-term value. We are pleased that we were able to navigate the complexities of this transaction and maximize sale proceeds on behalf of Intercontinental and Ivy.”