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Follow on Google News | Vision Real Estate Partners Acquires 610,000-SF Roseland, N.J., Office PortfolioMulti-Million-Dollar Rebranding will Modernize and Unify Class A Campus
By: Vision Real Estate Partners Vision Real Estate Partners acquired the buildings at 101, 103 and 105 Eisenhower Parkway from Mack-Cali Realty Corporation in a year-end trade with financing arranged by John Alascio and John Spreitzer from Cushman & Wakefield's (http://www.cushmanwakefield.com/) Vision Real Estate Partners seeks out quality infill properties with great potential and transforming them into superior assetswith new capital and operating strategies. "These buildings – two of which are LEED certified – occupy a prime location in a competition- The firm's planned capital improvements include comprehensive interior and exterior upgrades, and enhanced amenities. Morreale noted that the approach will be similar to that taken at the Crossings at Jefferson Park in Whippany, N.J. Vision Real Estate Partners recently completed a multi-million- Morreale added that the stable, in-place cash flow and repositioning upside attracted his firm to the Eisenhower Parkway portfolio. The buildings are home to 57 tenants, including anchors Brach Eichler LLC; Orloff Lowenbach S. & S.; Lum, Drasco & Positan, LLC; FTI Consulting; and Marcum LLP. "We have acquired an attractive in-place tenant mix, with many companies that have a long-standing history with the property," Morreale noted. "We look forward to providing a progressive, quality workplace environment that enables them to attract and retain the best talent. Their response to date has been nothing but positive." While under contract to purchase the buildings, Vision Real Estate Partners secured renewal agreements with Lum, Drasco, Positan LLC (19,379 square feet); DPC Data Inc. (5,833 square feet); and Newman, McDonough, Schofel & Giger, PC (3,990 square feet). The renewals were executed upon the sale closing. Timothy Greiner and Jamie Regucci from Newmark Grubb Knight Frank (NGKF) (http://www.ngkf.com/ Vision Real Estate Partners has named NGKF as leasing agent for the Eisenhower Parkway campus. David Simson and Jeff Kolodkin will head the assignment. The team is marketing availabilities from 1,000 to approximately 44,000 square feet. "This fully amenitized complex – modernized for 2017 and the future – will offer tenants an opportunity for efficiency, growth and success," said Simson, NGKF's New Jersey vice chairman and chief operating officer. "We are proud to represent the new ownership in presenting this first-class working environment along the desirable I-280/Roseland- Situated directly off Exit 4 of I-280 near the junction of I-287, the Eisenhower Parkway campus occupies a prime location in the heart of New Jersey's "Wealth Belt." It offers easy access to Northern New Jersey's major highways and regional thoroughfares, as well as abundant nearby retail, dining, hospitality and entertainment End
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