Vision Equities Sells 299 Jefferson Road
A $32.4 million sale of 299 Jefferson Road in Parsippany marks the culmination of a stabilization for the 150,500-square-foot, Class A office asset. Vision Equities, LLC, an institutional investor, has sold their interest in the property to Cole Corporate Income Trust, Inc.; Vision will continue to provide asset/property management for the building, which serves as corporate headquarters for Evonik Degussa Corporation.
Vision Equities, a full-service real estate development and asset management firm, acquired 299 Jefferson Road with knowledge that the sole occupant would ultimately vacate its space. "We recognized that after we executed our redevelopment and modernization plan, a building of this size and quality in such a desirable submarket would appeal to a corporate user looking to establish a full-building operation," noted Sam Morreale, Vision's co-founder and managing partner. "We rolled out a repositioning strategy, and Evonik - which had outgrown its space at another Parsippany building - understood the value proposition."
Following Evonik's May 2011 lease signing, Vision Equities subsequently built out a multi-million-dollar headquarters operation for the specialty chemicals company. Aesthetic highlights include a new, three-story atrium lobby, hardwood and granite finishes, and upgraded landscaping and parking. Vision updated the building mechanicals, built a new fitness center with locker rooms, and renovated the cafeteria. Evonik took occupancy in late 2011.
According to Fred Arena, Vision's co-managing partner, the sale fits perfectly with his firm's vision for the project as well as its long-term investment approach. "We purchased a property that we knew had great potential, attracted a long-term credit tenant by providing quality product at a highly competitive rate, and were approached by a prominent REIT to invest in the finished product," he said. "We remain involved in the building's operation on a day-to-day basis, ensuring that our tenant will benefit from the same responsive, efficient service they have come to expect."
Based in Mountain Lakes, N.J., Vision Equities is an entrepreneurial owner of core, value-add and opportunistic real estate. The firm invests in office, industrial, flex, mixed-use and retail, including both stabilized assets and development/redevelopment sites. Vision's growing portfolio currently consists of 6 million square feet of commercial space and four significant land parcels (totaling more than 150 acres) available for build-to-suit projects. The company operates in a culture of value creation and is distinguished by a strong institutional pedigree. Its real estate-centric approach combines deep market knowledge and investment experience, as well as applied operational expertise across all asset classes.