BEVERLY, Mass.--(BUSINESS WIRE)--
Brookwood Financial Partners, LLC (“Brookwood”), a leading real estate investment and asset management company, today announced that it has acquired Morris Corporate Center I & II (“Morris Corporate”), a multi-tenant office property consisting of two buildings in the Parsippany submarket of Morris County, New Jersey. The property contains 529,362 square feet and is located 25 miles west of New York City, situated within three quarters of a mile of Interstate 80, Route 46 and Route 202 and approximately 1.5 miles from the intersection of Interstate 80 and Interstate 287. The property is currently 78% occupied.
“Morris Corporate is a beautiful, well located Class A office property with exceptional amenities and finishes,” stated Thomas W. Brown, Brookwood’s Director of Acquisitions. “The property has excellent access to central and northern New Jersey and the New York metropolitan area, making it attractive to a broad employment base from nearby communities. In addition, the property’s unique interconnected pod design, with 30,000 square foot floor plates, can accommodate both large and small tenants, which we believe gives the property a distinct competitive advantage in a submarket dominated by buildings with much larger floor plates.”
Mr. Brown added that “Brookwood’s business plan is to invest approximately $3 million in capital to upgrade the exterior and interior signage, the common area lobbies and restrooms, the fitness and conference centers, the cafés, elevators and parking lots, and make extensive landscaping improvements. In conjunction with these property capital upgrades, we will be implementing an aggressive marketing program, offering prospective tenants attractive rental rates and full tenant improvement allowances, which should allow us to accelerate the lease-up of the remaining vacant space.”
This part of New Jersey is showing signs of stabilization, with positive absorption occurring in four of the five most recent quarters. The unemployment rate in Morris County has also decreased from a high of 8.0% in 2010 to the most recent rate of 5.8% in April of 2014. With no new Class A construction underway or expected in the near future, Brookwood expects that vacancy rates will continue to improve over the next 18 to 24 months.
Jeff Dunne, Kevin Welsh and Brian Schulz of CBRE represented the seller in the transaction. Christian Lee, Charles Foschini and Christopher Apone of CBRE represented the buyer in securing financing through Starwood Property Mortgage, LLC for the property. CBRE has been retained to handle the leasing and property management for Morris Corporate.
About Brookwood Financial Partners, LLC – Brookwood is a Massachusetts-based private equity firm that acquires real estate and invests in private companies. Since 1993, Brookwood has acquired 129 properties totaling approximately 12.5 million square feet of office, retail, flex and research & development space as well as 143 hotel rooms, 138 condominium units, 572 apartment units and 1,360 residential building lots. Brookwood has acquired real estate throughout the United States including in Arizona, California, Colorado, Florida, Georgia, Maine, Maryland, Massachusetts, New Jersey, North Carolina, Rhode Island, Texas and Virginia. In addition, Brookwood has invested in private companies in the wireless communications, restaurant, software and outsourcing industries. Brookwood has invested over $593 million in equity to acquire assets with a realized and unrealized value of over $1.6 billion.
- Real Estate
Jayne M. Rice, 978-927-8300