MONTVILLE, N.J. — Vision Real Estate Partners (VREP) has acquired Montville Corporate Campus located at 340-342 Changebridge Road in Montville from Bayer Pharmaceuticals. Situated on 27 acres within a gated site, the campus currently comprises two three-story travertine marble office buildings. VREP plans to rebrand the property and invest nearly $15 million to reposition the buildings for single- or multi-tenant occupancy. The firm also plans to redevelop the campus into a mixed-use live/work/play environment. The acquisition ties to VREP’s role as developer of Bayer Healthcare’s new 94-acre, 675,000-square-foot East Coast Headquarters in Whippany, N.J. As part of VREP’s sale of that site to Bayer in 2012, the firm retained the option to purchase Montville Corporate Campus. Jones Lang LaSalle’s Capital Markets Group negotiated the multimillion-dollar off-market transaction.
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