Joint Venture Acquires 340,000 SF Office Property in Parsippany, New Jersey

PARSIPPANY, N.J. — A joint venture between Vision Real Estate Partners and Rubenstein Partners has purchased Morris Corporate Center IV, Phase I, from a partnership of Northwestern Mutual and SJP Properties for an undisclosed price. Situated on 14 acres at 389 and 399 Interpace Parkway in Parsippany, the property consists of two interconnected four-story buildings totaling 340,000 square feet of Class A office space. At the time of sale, the property was 71 percent occupied by four tenants, including Reckitt Benckiser and Skanska USA Building Inc. David Bernhaut, Andrew Merin, Gary Gabriel, Brian Whitmer, Andrew MacDonald and Bill Brown of Cushman & Wakefield represented the seller in the deal.