Colliers International arranges the sale of the 330,000-square-foot Morris Business Campus at 1000, 1100, and 1200 The American Road in Morris Plains for $6.85 million. The multi-tenant office building was sold to local real estate investor and developer JMF Properties Group.
The Morris Business Campus encompasses more than 28 acres of land and is comprised of three interconnected Class B office buildings that were renovated in 2001. Building amenities include a glass atrium entrance, fitness center, and full-service cafeteria. The rear of the property features a walkway with direct access to the Morris Plains train station.
“Our marketing strategy targeted investors and developers with experience in ‘value creation’. Due to the overall size of the asset, acreage, and strong submarket fundamentals, we knew this opportunity would appeal to buyers for an array of repositioning purposes,” said Jacklene Chesler, a Managing Director at Colliers International who exclusively represented the seller in the transaction. “JMF Properties Group is a visionary in transforming properties into assets that enrich communities. With an aggressive, hands-on marketing approach we engaged more than half a dozen active bidders through an auction platform to achieve this great result.”
“The property is currently zoned as light industrial, but presents a wealth of repositioning opportunities,” said Joseph M. Forgione, Founder and Principal of JMF Properties Group. “We are thrilled to add this asset to our increasingly diverse portfolio, which includes multifamily residential developments and shopping centers anchored by tenants like Whole Foods, BJ’s, Ulta Cosmetics, and Chase Bank.”
The Morris Business Campus is conveniently located two miles from Interstates 287 and 80, and is 45-minutes away from New York City. Morris Plains is situated between Parsippany and Morristown, and touts numerous shops and restaurants including Arthur’s Tavern, a renowned New Jersey steakhouse.