PARSIPPANY, NJ—P3 Properties has acquired the541,466-square-foot, class-A Morris Corporate CenterIII from institutional investors advised by J.P.Morgan Asset Management. Cushman & Wakefield arrangedthe sale and purchase financing for the transaction. According toReal Capital Analytics, a proprietary researchdatabase, J.P. Morgan acquired the property fromTIAA-CREF in July 2011 for $109.2 million. Thecurrent sale price could not be immediately learned.
The MCCIII complex includes fourinterconnected, class-A buildings on a 27-acre, amenity-rich campusat 400 Interpace Parkway. The park is 62-percentleased to four occupants with an average remaining lease term ofmore than six years, including global credit tenants TEVAPharmaceuticals and Ogilvy CommonHealthWorldwide.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.