The full-service real estate owner/operator immediately will launch a multi-million-dollar rebranding and renovation to modernize and unify the assets as a 51-acre, Class A campus.
Vision Real Estate Partners acquired the buildings at 101, 103 and 105 Eisenhower Parkway from Mack-Cali Realty Corporation in a year-end trade with financing arranged by John Alascio and John Spreitzer from Cushman & Wakefield’s Equity, Debt and Structured Finance team, and advisement from Nicholas Karali of the firm’s Metropolitan Area Capital Markets Group.
Vision Real Estate Partners seeks out quality infill properties with great potential and transforming them into superior assets with new capital and operating strategies. “These buildings – two of which are LEED certified – occupy a prime location in a competition-constrained market,” noted Vision Real Estate Partners’ Sam Morreale, founder and managing partner. “They previously have been treated as three separate entities; we recognize an excellent opportunity to rebrand them as an integrated, leading-edge campus focused on lifestyle and collaboration. The existing quality tenants and strategic location are fundamental to the ongoing success of the campus.”
The firm’s planned capital improvements include comprehensive interior and exterior upgrades, and enhanced amenities. Morreale noted that the approach will be similar to that taken at the Crossings at Jefferson Park in Whippany, N.J. Vision Real Estate Partners recently completed a multi-million-dollar rebranding/repositioning of that 525,000-square-foot campus, capped off with a new, 11,000-square-foot, stand-alone amenities center featuring enhanced gourmet food services, a multi-function lounge, conference room and a health and wellness center.
Morreale added that the stable, in-place cash flow and repositioning upside attracted his firm to the Eisenhower Parkway portfolio. The buildings are home to 57 tenants, including anchors Brach Eichler LLC; Orloff Lowenbach S. & S.; Lum, Drasco & Positan, LLC; FTI Consulting; and Marcum LLP.
“We have acquired an attractive in-place tenant mix, with many companies that have a long-standing history with the property,” Morreale noted. “We look forward to providing a progressive, quality workplace environment that enables them to attract and retain the best talent. Their response to date has been nothing but positive.” While under contract to purchase the buildings, Vision Real Estate Partners secured renewal agreements with Lum, Drasco, Positan LLC (19,379 square feet); DPC Data Inc. (5,833 square feet); and Newman, McDonough, Schofel & Giger, PC (3,990 square feet).