JMF Properties Acquires The Morris Business Campus
Cedar Knolls, N.J. (April 9, 2014) – JMF Properties announced today that it has acquired the Morris Business Campus, otherwise referred to as “the Property”, from Colliers International NJ LLC. The sale took place via Auction.com on February 26, 2014.
The Morris Business Campus is a sprawling plot encompassing more than 28 acres of land that houses three interconnected Class B office buildings that total approximately 330,000 square feet. The first of the buildings was built in 1974 and the other two were constructed 10 years later. All three properties received renovations in 2001. Building amenities include a glass atrium entrance, a fitness center and a full-service cafeteria.
The property is currently zoned as light industrial, but presents a wealth of repositioning opportunities due to its prime location. The Morris Business Campus is located a mere 2 miles from highly trafficked Interstates 287 and 80. It’s also a short 45-minute drive away from New York City.
Employees looking to venture out closer to home will have no shortage of options, either. Morris Plains has a bevy shops and restaurants, including Arthur’s Tavern, a renowned New Jersey steakhouse. In addition, the rear of the property features a walkway spanning 800 feet that leads directly to the Morris Plains train station. The Morris Business Campus is located within one mile of Morristown as well.
The area’s liberal zoning laws, paired with the Campus’ current source of steady cash flow, will aid in offsetting the costs involved in making a change and further serve to increase the value of the asset.
This most recent purchase, and projects like the shopping centers JMF Properties are currently developing in Northern NJ (anchored by brands like Whole Foods, BJ’s, Ulta Cosmetics and Chase Bank) are indicative of the continued efforts by JMF Properties to diversify their portfolio.
About JMF Properties
As Founder and Principal of JMF Properties Group, Joseph M. Forgione plays an integral role in the company’s continued success. With 20 years of development experience he has been responsible for the construction of over 3,000 residential units as well as multiple commercial and retail spaces. Mr. Forgione manages the day-to-day operations of JMF Properties Group. His fortes include site acquisitions, project development approvals, and governmental liaison with a variety of agencies at municipal, state and federal levels. His responsibilities range throughout the numerous facets of real estate development, to encompass planning, financing, architectural design and construction. Mr. Forgione is a member of the New Jersey Civil Engineers and the New Jersey Builders Association.
For more information, visit http://jmfproperties.com/.