{"id":1004213922,"date":"2018-03-27T03:28:00","date_gmt":"2018-03-27T11:28:00","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004213922"},"modified":"2022-12-07T12:55:41","modified_gmt":"2022-12-07T20:55:41","slug":"rubenstein-vision-real-estate-ink-twin-nj-office-deals","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/rubenstein-vision-real-estate-ink-twin-nj-office-deals\/","title":{"rendered":"Rubenstein, Vision Real Estate Ink Twin NJ Office Deals"},"content":{"rendered":"<p>By Barbra Murray<\/p>\n<div id=\"attachment_1004213934\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/03\/Morris-Corporate-Center-IV-in-Parsippany-N.J..jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004213934\" data-attachment-id=\"1004213934\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/rubenstein-vision-real-estate-ink-twin-nj-office-deals\/morris-corporate-center-iv-in-parsippany-n-j\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/03\/Morris-Corporate-Center-IV-in-Parsippany-N.J.-e1522147650912.jpg\" data-orig-size=\"872,654\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Morris Corporate Center IV in Parsippany, N.J.\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Morris Corporate Center IV in Parsippany, N.J.&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/03\/Morris-Corporate-Center-IV-in-Parsippany-N.J.-e1522147650912.jpg?w=872\" class=\"wp-image-1004213934 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/03\/Morris-Corporate-Center-IV-in-Parsippany-N.J.-e1522147650912.jpg\" alt=\"Morris Corporate Center IV in Parsippany, N.J.\" width=\"300\" height=\"225\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/03\/Morris-Corporate-Center-IV-in-Parsippany-N.J.-e1522147650912.jpg 872w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/03\/Morris-Corporate-Center-IV-in-Parsippany-N.J.-e1522147650912.jpg?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/03\/Morris-Corporate-Center-IV-in-Parsippany-N.J.-e1522147650912.jpg?resize=768,576 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004213934\" class=\"wp-caption-text\">Morris Corporate Center IV in Parsippany, N.J.<\/p><\/div>\n<p>In two separate transactions, Vision Real Estate Partners and Rubenstein Partners have snapped up Phases I and II of the former Morris Corporate Center IV in Parsippany, N.J. With the completion of the acquisition, the joint venture adds 700,000 square feet of trophy quality office space to their holdings. A joint venture between Northwestern Mutual and SJP Properties sold the first phase of the campus, while a partnership of Intercontinental Real Estate Corp. and Ivy Realty sold Phase II.<\/p>\n<p>The twin five-story buildings, located along Interpace Parkway, were developed in 1999 and 2000, respectively, and each features approximately 350,000 square feet.\u00a0Vision and Rubenstein will waste precious little time transforming the Morris County office buildings through capital investment and a rebranding program.<\/p>\n<p>Phases I and II have great potential to thrive in the market. <em>\u201cSpace of this caliber and scope is fairly limited in the Morris County market. As a quality, large-block vacancy, the property offers a distinctive opportunity for headquarters and regional users,\u201d<\/em> Sam Morreale, founder &amp; managing partner of Vision Real Estate Partners, said in a prepared statement.<\/p>\n<p>Commercial real estate services firm Cushman &amp; Wakefield orchestrated the Phase I transaction on behalf of sellers, while NKF Capital Markets represented the Intercontinental joint venture in the sale of\u00a0Phase II.\u00a0NKF Capital Markets also secured the $97 million loan for the transactions. The team facilitating the financing included Jordan Roeschlaub and Dustin Stolly, vice chairmen &amp; co-heads of debt and structured finance, Nick Scribani, managing director, Bob Tonnessen, associate director, and Jason Deck, analyst.<\/p>\n<h2>Partnership prowess<\/h2>\n<p>Vision and Rubenstein are longtime partners, having joined forces on many investments in Morris County<em>. \u201cAn affluent, well-educated population, ample, diversified housing options and access to abundant retail, dining, hospitality and recreational amenities contribute to this submarket\u2019s historic appeal to major corporate users,\u201d<\/em> Stephen Card, principal with Rubenstein Partners, said in prepared remarks. <em>\u201cOur regional, value-add investments with Vision Real Estate Partners have leveraged these advantages as a key component of our successful repositioning plays.\u201d<\/em><\/p>\n<p>Vision and Rubenstein\u2019s long list of joint venture endeavors include\u00a0the acquisition of Warren Corporate Center, an 820,000-square-foot <a href=\"https:\/\/www.commercialsearch.com\/news\/rubenstein-vision-real-estate-shell-out-136m-for-warren-corporate-center-in-n-j\/\">Warren\u00a0office\u00a0complex<\/a>. After acquiring <a href=\"https:\/\/www.commercialsearch.com\/news\/barclays-nabs-revitalized-nj-office-campus\/\">The Crossings at Jefferson Park<\/a> in Whippany last June and submitting the property to a multi-million-dollar upgrade, the partners sold the property to long-term tenant Barclays Capital.<\/p>\n<p><em>Image courtesy of\u00a0Vision Real Estate Partners<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The longtime joint venture team purchased Phases I and II of the former Morris Corporate Center IV in Parsippany, N.J. The partnership is set to renovate and rebrand the five-story trophy buildings.<\/p>\n","protected":false},"author":969,"featured_media":1004518046,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21808,1600,21742,10,21747],"tags":[32799,36007,37376,36039,33112,33728],"class_list":["post-1004213922","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-featured","category-new-york","category-latest","category-northeast","category-office","tag-cushman-wakefield","tag-newmark-knight-frank","tag-northwestern-mutual","tag-rubenstein-partners-lp","tag-sjp-properties","tag-vision-real-estate-partners"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Rubenstein, Vision Real Estate Ink Twin NJ Office Deals - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/rubenstein-vision-real-estate-ink-twin-nj-office-deals\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Rubenstein, Vision Real Estate Ink Twin NJ Office Deals\" \/>\n<meta property=\"og:description\" content=\"The longtime joint venture team purchased Phases I and II of the former Morris Corporate Center IV in Parsippany, N.J. 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