|(L-R): Ross Chomik, Sam Morreale|
Evelyn Weiss Francisco
49 Bloomfield Ave.
Mountain Lakes, NJ 07046
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Release Date: Thursday, June 05, 2014
Media Contact: Evelyn Weiss Francisco (201) 796-7788
Morreale, Chomik Continue to Lead Development Firm’s Investment/Opportunistic Activities
MOUNTAIN LAKES, N.J., June 5, 2014 -With a new name and a renewed local focus on commercial real estate investment, development and operations in the greater New York/New Jersey metropolitan area, Vision Real Estate Partners, LLC has rebranded this spring, announced Sam Morreale, founder and managing partner. The new entity is an outgrowth of Vision Equities, LLC (formerly co-founded by Morreale); the launch follows a period of significant growth for the Mountain Lakes-based firm.
Morreale and Ross Chomik, managing partner, will continue to lead the company’s value-add, opportunistic, and stabilized investment activities. “We are sticking to our core markets and core competencies as a new brand,” Morreale said. “Most importantly, we are positioning our company to move forward with enhanced strength and direction.”
Morreale’s prior entity was founded in 2006 as a full-service real estate development and asset management firm with complete in-house capabilities. The firm invests in office, industrial, flex, mixed-use and retail, including both existing assets and development/redevelopment sites. As an entrepreneurial owner with an institutional pedigree, the company’s track record through its first seven years consistently outperformed market conditions for risk-adjusted returns for all product types and asset classes.
“As our platform evolved, it bifurcated into distinct areas in terms of both investment focus and geographic area,” Morreale explained. “The formation of Vision Real Estate Partners represents a re-commitment to our original New Jersey/New York metropolitan area focus. We are a classic local hands-on developer/operating partner, with deep roots and experience in this marketplace. We acquire properties with great potential and transform them into superior assets, which we then lease and self-manage through our integrated,in-house services.”
In New Jersey, Vision Real Estate Partners has recently developed and owns/manages more than 2.5 million square feet of space and has over 120 acres of land parcels available for mixed-use and build-to-suit opportunities. Its high-profile projects include, among others, the award-winning Bayer Healthcare East Coast Headquarters at 67 Whippany Road in Whippany. The firm also recently acquired Montville Corporate Center, a 218,000-square-foot, Class A office campus in Montville, and acquired and rebranded The Crossings at Jefferson Park, a 500,000-square-foot corporate campus at 115 South Jefferson Road in Whippany, where a major redevelopment has recently been completed.
“Looking ahead, we are actively pursuing a number of exciting real estate opportunities,” Chomik noted. “As always, our mission is to leverage our experience, relationships and hands-on approach to transform underutilized assets into highly desirable real estate for tenants, sound financial investments for our partners, and performing, quality ratables for our host towns and municipalities.”