4A — June 22 - July 12, 2018 — M id A tlantic

Real Estate Journal


M id A tlantic R eal E state J ournal

Cushman & Wakefield’s Alascio, Vankayala, and Carpenter III act as advisor to Vision PCCP, LLC joint venture with Vision Real Estate Partners acquires 66-acre Corporate Campus


best use is to demolish the ex- isting structure and redevelop the site. The corporate campus is situ- ated within walking distance of the Morris Plains Train Station and 10 minutes from the intersection of I-287 and I-80, with immediate access to Routes 202 and 10. In addition, the property is very close to two New Jersey transit rail lines – the Morristown line with direct connection to NYC and the Montclair/Boonton line with access to Newark and Hoboken. “Our joint venture viewed this as an opportunity to ac- quire a vacant high-quality asset in 185 Tabor Rd. at an attractive basis well below replacement cost,” said Ryan Dodge , vice president with PCCP. “We also see further up- side through a redevelopment/ rezoning opportunity in 201 Tabor Rd., which, once reposi- tioned, we believe that we will see strong interest from local market occupiers.” The Tabor Rd. campus sits immediately adjacent to Honey- well’s new global headquarters. Its lasting pedigree has been affirmed over time, as Warner Lambert and Pfizer also have been historical owners of the property. The immediate area houses numerous headquar- ters, locations and campuses and diverse corporate users in the financial services, insur- ance, pharmaceuticals, biotech, telecommunications, electron- ics and transportation sectors. The Morris County market area is one of the most afflu- ent and prestigious regions in the state, exemplified by the county’s ranking as the 11th wealthiest in the U.S., with an estimated median household income of $139,262. The prop- erty is located within Northern New Jersey, the 14th largest office market in the country that consists of five counties between New York City and Philadelphia: Bergen, Essex, Hudson, Morris, and Passaic. “Vision Real Estate Partners continues to redefine the land- scape of redeveloping large obsolete office campus parks in the Tri-State region,” said John Alascio , executive man- aging director for Cushman & Wakefield. “PCCP was able to build on this investment the- sis and foundation in a newly formed joint venture and will bring capital expertise and resources to execute on the business plan.” 

ORRIS PLAINS, NJ — PCCP, LLC an- nounced its joint ven-

ture with Vision Real Estate Partners , a New Jersey-based, full-service real estate invest- ment, development and asset management company, has ac- quired 185 and 201 Tabor Rd. in Morris Plains. The acquisition is of a 66-acre corporate campus composed of two properties, one a class A office building and the other a series of class B and C office buildings slated for rede- velopment. The seller was the previous occupant, Johnson & Johnson. A Cushman & Wakefield

s/f 185 Tabor Rd. is one of the newest and highest quality of- fice buildings inMorris County, featuring institutional quality finishes and amenities, modern base building systems, open floor plan capability, enhanced mechanical systems, and adja- 201 Tabor Rd. in Morris Plains

Equity, Debt & Structured Finance team of John Alas- cio, Sridhar Vankayala , and Noble Carpenter III acted as advisor to Vision Real Estate Partners in arranging joint ven- ture equity for the acquisition. Built in 2006, the 240,000

cent structured parking with 892 spaces. Constructed in phases from the 1950s to the 1990s, 201 Tabor Rd. is a se- ries of class B and C connected buildings totaling 644,000 s/f on 45 acres. Given its age, the buyers believe the highest and

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