MONTVILLE, NJ—Vision Real Estate Partners hasacquired the former Bayer Healthcare office campushere and is in the throes of deciding whether to re-lease thetwo-office buildings there or redevelop and reposition the propertyas a mixed-use asset.

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The Mountain Lakes, NJ-based firm developed Bayer Healthcare'snew 675,000-square-foot, 94-acre East Coast headquarters inWhippany. Bayer, which moved into its new Whippany headquarterslast October, acquired the Whippany property from Vision RealEstate. In turn, Vision has exercised its option and acquired thetwo-building, 218,000-square-foot former Bayer Healthcare complexin Montville. No purchase price for the 27-acre campus wasreleased. JLL's Capital Markets Group orchestratedthe “multi-million-dollar, off-market trade” between Bayer andVision Real Estate Partners.

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“Our ability to assist Bayer through the full corporate propertylifecycle – providing build-to-suit development as well as adisposition solution for its surplus space – not only secured usthe chance to work on a great ground-up project, but also providedan opportunity to purchase this institutional-quality Morris Countyproperty,” say Sam Morreale, founder and managingpartner of Vision Real Estate Partners. “The campus featuresoutstanding accessibility in a region recognized for its quality oflife.”

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The property at 340-342 Changebridge Road includes twin,three-story travertine marble office structures. In its lease-upscenario, the property will be rebranded and Vision Real Estatewill invest approximately $15 million to reposition the buildingsfor single or multi-tenant occupancy. Its other option is to launcha comprehensive, master-planned program to develop the campus intoa mixed-use live/work/play environment.

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“The existing buildings provide excellent design, efficiency andaesthetics in a secure campus setting just minutes from theregion's major thoroughfares, airports and conveniences,” Morrealesays. “As such, it is ideally suited for repositioning as avalue-oriented, quality option in the market. At the same time, themixed-use redevelopment opportunity is highly appealing. Montvilleconsistently ranks high in CNN Money's annual ranking of America'sbest places to live, which underscores that potential.”

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John Jordan

John Jordan is a veteran journalist with 36 years of print and digital media experience.