Joint venture acquires Parsippany properties

Jessica Perry//March 26, 2018

Joint-venture partners Vision Real Estate Partners and Rubenstein Partners have acquired Phases I and II of the former Morris Corporate Center IV, in Parsippany, with plans to rebrand the attached buildings as one.

The approximately 700,000 square feet of Class A property on Interpace Parkway was purchased in two transactions, Cushman & Wakefield arranging Phase I and Newmark Knight Frank handling Phase II. A capital improvement program will add expanded parking and increased in- and outdoor communal spaces across the 30-acre campus to existing and recently updated cafes and fitness centers amenities.

Located at the intersection of I-80 and I-287, the unified campus can accommodate requirements from 10,000 to more than 500,000 square feet.

Along with the planned improvements in Morris County, Vision and Rubenstein’s development of a 19,000-square-foot, stand-along amenity hub at the 820,000-square-foot Warren Corporate Center, in Somerset County, highlight the hospitality-focused spaces that have become a focus venture’s portfolio.