Active Owner/Operator Makes Strategic First Quarter Investment and Leasing Plays
Strategic first-quarter acquisition and leasing plays marked a busy start of the year for Vision Real Estate Partners. The Mountain Lakes-based company has made substantial commitments toward sustaining its progress as one of the state’s most active full-service owner/operators.
“We maintain long-term involvement in New Jersey and firmly believe that good locations in this dynamic state will always attract corporations and capital,” noted Vision Real Estate Partners’ Sam Morreale, founder and managing partner. “Suburban New Jersey, in particular, provides incredible potential. Over the past several years, we have deepened our foothold here, and successfully leveraged our relationships with partners and municipalities to transform obsolete and underperforming properties into next-generation workplaces for companies of all shapes and sizes.”
Vision Real Estate Partners’ latest acquisition promises that same potential.
The firm’s purchase of 1776 On The Green in Morristown marked its foray into the downtown Morristown office market. Located at 67 Park Place East, the iconic, 150,000-square-foot office tower sits on the Morristown Green at the corner of Speedwell Avenue, in the heart of New Jersey’s premier suburban live/work/play CBD. Cushman & Wakefield’s Metropolitan Area Capital Markets Group orchestrated the recent trade from Deutsche Bank Asset Management.
Vision Real Estate Partners has been active on the leasing front as well.
The company’s largest lease of the first quarter occurred at the newly acquired 1776 On The Green. Hartford Fire Insurance Group leased 19,699 square feet at the property; CBRE’s Leo Paytas represented the tenant in the long-term transaction. Vision Real Estate Partners is modernizing the 10-story building through lobby and common area upgrades, and the creation of a third-floor amenity lounge with a coffee bar, flat-screen televisions and café-style seating. The firm also is collaborating on the adjacent Pioneer Park improvements project.
In Mercer County, three long-term tenant transactions totaling nearly 13,500 square feet closed at Princeton South Corporate Center in Ewing. This included a 6,989-square-foot lease by Purdue Pharma (represented by Avison Young’s Ron Ganter), a 4,852-square-foot lease by PharmApprove(represented by MWM Group’s Matthew Meade) and a 1,554-square-foot renewal by Stages Pcs LLC (represented by Mercer Oak Realty’s Aubrey Haines). In a venture with one of its repeat capital partners, Vision Real Estate Partners spearheads the overall operations for this 268,000-square-foot, Class A property, which fronts on I-95 at the junction of Route 31 (Exit 4).
At Princeton Pike Corporate Center in Lawrenceville, Vision Real Estate Partners orchestrated a 3,500-square-foot, long-term renewal with Lee Hecht Harrison at 989 Lenox Drive; Charles Egele from Mohr Partners represented the tenant. Since taking on operations for Princeton Pike in early 2016, Vision Real Estate Partners has enhanced the property’s lifestyle amenities atthe eight-building, 817,000-square-foot campus. The property featuresextensive pedestrian trails and onsite connectivity to the Lawrence-Hopewell Trail. A hotel is currently under development as well.
Finally, Vision Real Estate Partners inked a 2,267-square-foot, long-term renewal for Ravin Greenberg LLC at 101 Eisenhower Parkway in Roseland. The building is part of a three-building, 610,000-square-foot portfolio the firm purchased on Eisenhower Parkway in Roseland in late 2016. Vision Real Estate Partners is in the midst of a multi-million-dollar rebranding and renovation to modernize and unify the assets as a 51-acre, Class A campus.
“We have built our company by recognizing potential, creating viable master plans, and successfully working to maximize properties’ physical and leasing potential,” noted Ross Chomik, managing partner. “This is our core competency, and we are pleased that 2017 has already brought us new opportunities and successes, with more to come as the year unfolds.”
To that end, Vision Real Estate Partners currently is developing or redeveloping more than 3 million square feet of space in the central and northern New Jersey market, and has over 150 acres of land parcels available for mixed-use and build-to-suit opportunities.