Morristown Plaza consists of a total of 148 luxury rental units, as well as 7,500 sf of ground floor retail space. The property, which has a direct rail link to New York's Penn Station, is 100% occupied in both its residential and retail components.
"We committed on a forward pre-sale basis three years ago and are pleased that the project has been so well received by the market," according to Joe Thomas, portfolio manager for Prime Property Fund. "Part of our goal is to provide forward commitments selectively and tactically for hard-to-acquire residential product. Morristown Plaza helps us attain this goal."
The $1.7 billion Prime Property Fund, formed 30 years ago and managed by Lend Lease, has a geographically diverse portfolio of office buildings, regional malls, industrial properties, residential properties and hotels.
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