MORRIS PLAINS, NJ–Colliers International arranged the auction sale of the 330,000-square-foot Morris Business Campus here to JMF Properties Group for $6.85 million.
The local real estate development company plans to reposition the property, which was in foreclosure in 2012 and drew a half-dozen bidders at the recent auction.
The 28-acre campus has three interconnected office buildings, built in 1972 and renovated in 2001 to include a fitness center and full-service cafeteria. The property has a direct walkway to the Morris Plains train station.
“Our marketing strategy targeted investors and developers with experience in ‘value creation’,” said Jacklene Chesler of Colliers, who exclusively represented the seller in the transaction. “Due to the overall size of the asset, acreage, and strong submarket fundamentals, we knew this opportunity would appeal to buyers for an array of repositioning purposes.”
JMF, whose founder and principal is Joseph M. Forgione, has built 3,000 residential units and numerous commercial and retail spaces in northern New Jersey. Right now, the company is aggressively looking to acquire redevelopment properties in the region for both residential and retail uses.
“The property is currently zoned as light industrial, but presents a wealth of repositioning opportunities,” said Forgione. “We are thrilled to add it to our increasingly diverse portfolio, which includes multi-family residential developments and shopping centers anchored by tenants like Whole Foods, BJ’s, Ulta Cosmetics, and Chase Bank.”
The campus, which occupies 1000, 1100 and 1200 American Way, is situated two miles from Interstates 287 and 80. Morris Plains is situated between Parsippany and Morristown.
The building at 1000 is 175,784 square feet on three floors, 1100 is of 62,160 square feet on three floors, and 1200 is 91,906 square feet on two floors.