Vision Real Estate Partners
49 Bloomfield Ave.
Mountain Lakes, NJ 07046
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Release Date: Wednesday, March 04, 2015
Media Contact: Evelyn Weiss Francisco (201) 796-7788
Vision Management to Serve as Exclusive Managing Agent for New Ownership
MATAWAN, N.J., March 4, 2015 – Hudson Equities Management Corp. has acquired Parkway 120 in Matawan from Vision Real Estate Partners. The trade coincides with Vision Real Estate Partners' success in bringing the 211,000-square-foot, Class A asset to full occupancy; Vision Management, the firm's in-house property management division, will continue as exclusive managing agent under the new ownership.
"Vision Real Estate Partners leveraged Parkway 120's potential as the highest-quality office asset in the local market," noted Hudson Equities' Ephraim Hasenfeld, president. "This is a true world-class office building. It provides a work environment that fosters productivity, amenities that help tenants attract and retain employees, and an image that speaks to success. Moving forward, we look forward to ensuring that tenants will enjoy the same responsive service they have come to expect."
At the time of the sale, Vision Real Estate Partners finished orchestrating an expansion for long-time Parkway 120 tenant iCIMS. The talent acquisition software firm added 23,300 square feet to its commitment and now occupies a total of 83,900 square feet. That expansion brought Parkway 120 to full occupancy.
In its new role, Vision Management is preparing to launch a full renovation of the two-story lobby at Parkway 120. The project will include updated finishes, new lighting and carpeting, and the incorporation of a seating area. A striking piece of sculptural wall art will punctuate the bright, modern atmosphere.
"We take pride in having brought Parkway 120 from nearly vacant to full occupancy during our involvement in its ownership," said Vision Real Estate Partners' Sam Morreale, founder and managing partner. "This is our first partnership with Hudson Equities, and we look forward to working with Ephraim and his team to continue the property's success and progress."
Located at 90 Matawan Road with views of Raritan Bay, Parkway 120 sits one quarter mile from Garden State Parkway Exit 120, and serves as home to a mix of regional tenants and local entrepreneurial firms. The five-story building features underground parking, a dual-sided atrium lobby, an onsite café and sundries shop, card-access security, and the newest mechanical and technology features.
Based in Mountain Lakes, New Jersey, Vision Real Estate Partners is a full-service real estate owner/operator. As a classic local, hands-on owner specializing in development, property management, asset management and construction, the firm is well known for its deep roots and experience in the New Jersey/New York regional marketplace, and for its track record of identifying properties with great potential and transforming them into superior assets. Its other high-profile projects include 67 Whippany Road in Whippany, where the firm developed Bayer's new East Coast headquarters, and the recently redeveloped and rebranded Crossings at Jefferson Park office campus in Whippany.
Vision Real Estate Partners currently is developing more than 2 million square feet of space, and owns and manages over 125 acres of land parcels that are available for mixed-use and build-to-suit opportunities in the region.