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PCCP, LLC Joint Venture with Vision Real Estate Partners Acquires Corporate Campus
By: Vision Real Estate Partners
A Cushman & Wakefield Equity, Debt & Structured Finance team of John Alascio, Sridhar Vankayala, and Noble Carpenter III acted as exclusive advisor to Vision Real Estate Partners in arranging joint venture equity for the acquisition.
Built in 2006, the 240,000-square-
The corporate campus is situated within walking distance of the Morris Plains Train Station and 10 minutes from the intersection of Interstates 287 and 80, with immediate access to Routes 202 and 10. In addition, the property is very close to two New Jersey transit rail lines – the Morristown line with direct connection to New York City and the Montclair/Boonton line with access to Newark and Hoboken.
"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," said Ryan Dodge, Vice President with PCCP. "We also see further upside through a redevelopment/
The Tabor Road campus sits immediately adjacent to Honeywell's new global headquarters. Its lasting pedigree has been affirmed over time, as Warner Lambert and Pfizer also have been historical owners of the property. The immediate area houses numerous headquarters, locations and campuses and diverse corporate users in the financial services, insurance, pharmaceuticals, biotech, telecommunications, electronics and transportation sectors.
"What makes the campus special is its prime location in a neighborhood where established corporate users are already flourishing,"
The Morris County market area is one of the most affluent and prestigious regions in the state, exemplified by the county's ranking as the 11th wealthiest in the U.S., with an estimated median household income of $139,262. The property is located within Northern New Jersey, the 14th largest office market in the country that consists of five counties between New York City and Philadelphia:
"Vision Real Estate Partners continues to redefine the landscape of redeveloping large obsolete office campus parks in the Tri-State region," said John Alascio, Executive Managing Director for Cushman & Wakefield. "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."
To learn more about Vision Real Estate Partners, visit www.visionrep.com & follow VREP on Twitter and LinkedIn.
To learn more about PCCP, LLC, visit www.pccpllc.com.
To learn more about Cushman & Wakefield, visit www.cushmanwakefield.com or follow @CushWake on Twitter.
Evelyn Weiss Francisco