P3 Buys Morris Corporate Center III in Parsippany, NJ

P3 Properties bought Morris Corporate Center III (MCIII), a 541,466-square-foot office park at 400 Interpace Parkway in Parsippany, NJ, from institutional investors advised by J.P. Morgan Asset Management.

The four interconnected buildings at the 27-acre campus are 62% leased.

“We seek real estate opportunities where we can add value, and MCCIII presents an exciting repositioning play,” said Harvey Rosenblatt, CEO and founder of P3 Properties. “We immediately will focus on leveraging the attractive acquisition cost basis to launch a significant capital plan and robust leasing program.”

Gary Gabriel of Cushman & Wakefield’s Metropolitan Area Capital Markets Group, arranged the sale with Andrew Merin, David Bernhaut, Kevin Donner, Brian Whitmer and Andrew MacDonald. Cushman & Wakefield’s Equity Debt and Structured Finance Group, led by John Alascio and Sridhar Vankayala, arranged $58.8 million in purchase financing, including approximately $15 million of future funding earmarked for property upgrades.

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