Vision Real Estate Partners has acquired a Montville office park once occupied by Bayer HealthCare, with plans to either find new tenants for the two-building complex or redevelop it as a mixed-use property.
Financial terms of the acquisition were not disclosed in an announcement Wednesday.
The 218,000-square-foot complex includes two three-story office buildings located at 340-342 Changebridge Road, according to a news release. In its lease-up scenario, the property will be rebranded and Vision Real Estate Partners will invest nearly $15 million to reposition the buildings for single or multitenant occupancy.
The Mountain Lakes-based firm said it could also “launch a comprehensive, master-planned program” to redevelop the campus into a mixed-use property off Interstate 80. Vision said Wednesday it’s still finalizing its plans.
It also said the deal is tied to the development of Bayer’s East Coast headquarters by Vision Equities, a separate firm that includes one of Vision Real Estate Partners’ co-founders. The new 675,000-square-foot complex in Hanover opened last fall, following Bayer’s consolidation from three sites, including the Montville complex.
As part of the developer’s sale of the Hanover site to Bayer, Vision Real Estate Partners retained the option to purchase the Montville property, the news release said.
“Our ability to assist Bayer through the full corporate property lifecycle — providing build-to-suit development as well as a disposition solution for its surplus space — not only secured us the chance to work on a great ground-up project, but also provided an opportunity to purchase this institutional-quality Morris County property,” Sam Morreale, Vision Real Estate Partners’ founder and managing partner, said in a prepared statement.
Jones Lang LaSalle’s Capital Markets Group orchestrated the multimillion-dollar, off-market trade from Bayer to Vision.
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