Real Estate Journal — Owners, Developers & Managers — August 29 - September 11, 2014 — 25B


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Firm to reposition/redevelop former Bayer asset Vision Real Estate acquires Montville Office Campus



ONTVILLE, NJ — Vision Real Estate Partners,

LLC (VREP) has acquired Montville Corporate Cam- pus, a 218,000 s/f, class A office property in Montville, from Bayer Pharmaceuticals. VREP is finalizing plans to either reposition and lease the two class A buildings located there or redevelop the asset as a mixed-use property. The acquisition ties to VREP’s role as developer of Bayer Healthcare’s new, 675,000 s/f, 94-acre East Coast Headquarters in Whip- pany. As part of VREP’s sale of that site to Bayer in 2012, the firm retained the option to purchase the Montville prop- erty – one of three from which Bayer consolidated operations to its new LEED Gold facility. “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 opportu- nity to purchase this institu- tional-quality Morris County property,” said VREP’s Sam Morreale , founder and man- aging partner. Located on a gated, 27- acre hilltop site at 340-342 Changebridge Rd., Montville Corporate Campus currently includes twin, three-story travertine marble office struc- tures. In its lease-up sce- nario the property will be rebranded, and VREP will invest nearly $15 million to reposition the buildings for single or multi-tenant occu- pancy. Alternately, the firm will launch a comprehensive, master-planned program to develop the campus into a mixed-use live/work/play en- vironment. With frontage on I-80 at Exit 48, the property sits two blocks from Rte. 46, 1.5 miles from I-280 and three miles from I-287. “The existing buildings provide excellent design, ef- ficiency and aesthetics in a secure campus setting just minutes from the region’s major thoroughfares, airports and conveniences,” Morreale said. Jones Lang LaSalle ’s Capital Markets Group or- chestrated the multi-million- dollar, off-market trade from Bayer to VREP. n

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