Brokerage firm NKF recently announced it represented Ivy Realty in the sale of the Morris Corporate Center IV in Parsippany. The team also procured a buyer, Rubenstein Partners and Vision Real Estate Partners.
“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,” NKF’s Kevin Welsh said. “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.”
The property totals 350,917 square feet and is connected to another property by a glass atrium lobby.
The property is located at the four-way intersection of I-287 and I-80 at Exit 42B.
“These are exciting times for the growth of our Tri-State Capital Markets team,” said NKF’s David Simson. “The team has executed several assignments on behalf of prominent institutional clients in just six months since joining the firm. We are looking forward to the continued growth of the team as they further establish themselves as a market leader.”
Financial terms for the transaction were not disclosed.