P3 Properties Acquires Morris Corporate Center III

Frank L. Cahill
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P3 Properties Acquires Morris Corporate Center III

PARSIPPANY — Facilitating the trade of a Morris County landmark office property, commercial real estate services firm Cushman & Wakefield has arranged the sale and purchase financing for Morris Corporate Center III (MCCIII). P3 Properties acquired the 541,466-square-foot, Class A asset from institutional investors advised by J.P. Morgan Asset Management.

The MCCIII complex includes four interconnected, Class A buildings on a 27-acre, amenity-rich campus at 400 Interpace Parkway. The park is 62 percent leased to four occupants with an average remaining lease term of more than six years, including global credit tenants TEVA Pharmaceuticals and Ogilvy CommonHealth Worldwide.

“With this purchase, P3 Properties added to its portfolio a best-in-market, headquarters-quality office park with in-place, financeable cash flow and substantial upside,” noted Gary Gabriel of Cushman & Wakefield’s Metropolitan Area Capital Markets Group, who headed the assignment with Andrew Merin, David Bernhaut, Kevin Donner, Brian Whitmer and Andrew MacDonald. Cushman & Wakefield’s Equity Debt and Structured Finance Group, led by John Alascio and Sridhar Vankayala, arranged $58.8 million in purchase financing, including approximately $15 million of future funding earmarked for property upgrades.

The MCCIII purchase is the fifth transaction Cushman & Wakefield has completed on behalf of P3 Properties. “Working with P3 Properties is a pleasure,” Bernhaut said. “CEO and Founder Harvey Rosenblatt has a reputation as a creative dealmaker who keeps his word and brings tremendous energy to reaching agreement on terms. Those qualities were instrumental in making the acquisition of MCCIII go smoothly.”

Throughout its history, Morris Corporate Center III has benefited from the involvement of institutional owners, also including Equitable/Lend Lease, Prudential and TIAA. Bloomfield, NJ based P3 Properties, which focuses on value-driven acquisitions and property operation.

“We seek real estate opportunities where we can add value, and MCCIII presents an exciting repositioning play,” said Harvey Rosenblatt, P3 Properties CEO and founder. “We immediately will focus on leveraging the attractive acquisition cost basis to launch a significant capital plan and robust leasing program.”

MCCIII is ideally located at the intersection of interstates 80 and 287, and routes 46 and 202, providing convenient local and regional access. Retail and hotel amenities and a wide range of executive and workforce housing alternatives surround the property.

“In today’s improving suburban office market, as the aging millennial workforce increases its migration to the suburbs to raise families, it is apparent that corporate users are increasingly focused on providing a superior work environment that will enable them to attract and maintain talent,” Bernhaut noted. “The size, amenities and location of Morris Corporate Center III positions P3 Properties to capitalize on this trend by creating and offering a product that meets and exceeds that requisite.”

Cushman & Wakefield is a leading global real estate services firm with 45,000 employees in more than 70 countries helping occupiers and investors optimize the value of their real estate. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $6 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.

J.P. Morgan Global Alternatives is the alternative investment arm of J.P. Morgan Asset Management. With more than $125 billion in assets under management and over 800 professionals (as of September 30, 2017), we offer strategies across the alternative investment spectrum including real estate, private equity and credit, infrastructure, transportation, liquid alternatives, and hedge funds. Operating from 23 offices throughout the Americas, Europe and Asia Pacific, our independent alternative investment engines combine specialist knowledge and singular focus with the global reach, vast resources and powerful infrastructure of J.P. Morgan to help meet each client’s specific objectives. For more information: www.jpmorganassetmanagement.com. 

NanoGurus hosted a Holiday Meet First Relic Recovery Event

Frank L. Cahill
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NanoGurus hosted a Holiday Meet First Relic Recovery Event

PARSIPPANY — On Saturday, December 16 Parsippany’s NanoGurus Robotics hosted a Holiday Meet First Relic Recovery Event at the Parsippany PAL Youth Center.

The object of First Relic Recovery Event is to attain a higher score than the opposing alliance by scoring Glyphs into the Cryptoboxes and completing rows, column, and ciphers; transferring Relics to the Recovery Zone; retrieving Jewels; parking on the Balancing Stones, and navigating to specific parts of the Playing Field.

First Relic Recovery is presented by Qualcomm and is played on a 12 foot by 12 foot square field with approximately one foot high walls and a soft foam mat floor.

The field is divided in the middle into a “red” and a “blue” side corresponding to the two alliances. In the center of the field is a taped off area that hold the Glyphs. The scoring elements for First Relic Recovery are 48 alliance-neutral Glyphs (24 gray and 24 brown), 8 alliance-specific Jewels (4 per alliance) and 4 alliance-specific Relics (2 per Alliance). There are 4 alliance-specific Cryptoboxes (2 per Alliance) with taped off safe zones in front of each. There are 4 alliance-specific Balancing Stones (2 per Alliance) on which Robots begin and end the game. There are also 2 off-field alliance-specific Recovery Zones where robots place recovered Relics at the end of the match.

Matches have two distinct periods of play: a 30-second Autonomous period followed by a two-minute Driver-Controlled period. The last 30 seconds of the Driver-Controlled period is called the End Game which adds new scoring opportunities for robots to achieve.

Autonomous Period:
During the Autonomous period, Robots operate using only pre-programmed instructions. Alliances earn points by: (1) selecting and removing opponent colored Jewels from platforms, (2) scoring Glyphs into the Cryptoboxes, and (3) parking their Robot in a Safe Zone in front of their Cryptobox.

Driver-Controlled Period:
During the Driver-Controlled period, alliances earn points by: (1) Scoring Glyphs into their Alliance’s Cryptoboxes and (2) Creating Cipher patterns with their Glyphs in the Cryptoboxes.

End Game:
The final 30 seconds of the Driver-Controlled Period is called the End Game. In addition to the previously listed Driver-Controlled Period scoring activities, alliances earn points by (1) moving their Relics to safety in their Recovery Zone and (2) balancing Robots on the Balancing Stones.

The object of First Relic Recovery Event is to attain a higher score than the opposing alliance

The competition was won by Glen Rock and the outstanding rookie team was Wood-Ridge.

NanoGurus is a neighborhood organization which competes in First Lego League and First Tech Challenge competitions organized by First (For Inspiration and Recognition of Science and Technology). The NanoGurus team was founded in 2006 and has since won many FLL and FTC awards.

The NanoGurus is always looking for new parent coaches and mentors to extend more students this fun learning FIRST experience! This season, the team established eight new FIRST Lego League teams, all of which are coached by parents, and mentored by experienced members of this flagship team. New teams start with a training session, followed by mentoring throughout the competition season.

Pedestrian Struck on Route 46

Frank L. Cahill
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Pedestrian Struck on Route 46

PARSIPPANY — A elderly female pedestrian was attempting to cross Route 46 when she was struck by a vehicle on Tuesday morning, December 19 at approximately 9:30 a.m.

The accident occurred near the intersection of Route 46 and Summit Street.

The pedestrian was transported to Morristown Medical Center by Rockaway Neck Volunteer Ambulance Squad.

No additional details are available at this time.

Santa will be visiting IHOP

Frank L. Cahill
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Santa will be visiting IHOP

PARSIPPANY — Santa Claus will make a visit to the Parsippany IHOP located at 792 Route 46 on Saturday, December 23 from 9:00 a.m. to 12:00 p.m.

Santa will be giving out candy canes and children will have the opportunity to tell Santa what they would like for Christmas! Be sure to bring your camera and take lots of pictures to catch that special time you spend on Santa’s lap!

Employees of Marks Paneth donated Holiday Gifts to local families

Frank L. Cahill
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Employees of Marks Paneth donated Holiday Gifts to local families

PARSIPPANY — Employees of Marks Paneth, a nationally ranked accounting firm with an office location in Parsippany, spread holiday cheer to Morris County children through the Salvation Army’s Angel Tree program.  The employees’ donated holiday gifts were distributed to local families through the Salvation Army in Morristown.

Marks Paneth is located at 8 Campus Drive in the  Mack-Cali Business Campus.

Bridge construction requires lane closure and traffic shift on I-280 westbound

Frank L. Cahill
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Bridge construction requires lane closure and traffic shift on I-280 westbound

NORTH JERSEY — New Jersey Department of Transportation (NJDOT) officials today announced a traffic shift on I-280 westbound to allow for construction to advance, as part of the I-280 over Passaic River bridge deck replacement project in Essex County.

Beginning at 9:30 p.m. Monday, December 18, until 6:00 a.m. Tuesday, December 19, NJDOT’s contractor, Joseph M. Sanzari, Inc., is scheduled to close the existing temporary lane on the right shoulder of I-280 westbound bridge over the Passaic River to restripe the roadway and reposition construction barriers. Traffic will be shifted from the right shoulder onto the newly constructed left lane of the I-280 westbound bridge. The new temporary configuration is expected to be in place for several months.

Two lanes of I-280 will continue to be maintained in each direction by use of the temporary crossover. During the removal and reconstruction of the westbound bridge decks, the I-280 eastbound bridge over the Passaic River between East Hanover, Morris County and Roseland, Essex County is temporarily maintaining two lanes of eastbound traffic and one lane of westbound traffic by using the median as a crossover.

The $7.2 million federally-funded project, which started construction in July 2017, will demolish and replace existing structurally deficient bridge decks. NJDOT has coordinated with local officials throughout the design and construction process. The project is being accomplished in stages and is expected to be completed in spring 2018.

Variable message signs are being utilized throughout the project limits to provide advance notification to motorists of all traffic pattern changes associated with the bridge deck replacements project. Throughout the project, NJDOT will provide information before upcoming road closures.

The precise timing of the work is subject to change due to weather or other factors. Motorists are encouraged to check NJDOT’s traffic information website www.511nj.org for real-time travel information and for NJDOT news follow us on Twitter @NJDOT_info.

Northvail Recognizes the Joy of Giving

Frank L. Cahill
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Northvail Recognizes the Joy of Giving

PARSIPPANY — Northvail Elementary School students collected canned goods and other food items for our annual winter food drive organized by Mrs. Vento a fourth-grade teacher, and members of the Student Council. Two carloads of bags and boxes of goods were dropped off at The Food Pantry in Lake Hiawatha, which helps to feed hungry children and families. Mrs. Vento said, “At Northvail, we like to expose students to community service and the act of giving back.”

Our second-grade classes organized by Mrs. Hedden, participated in a Pajama and Book Drive sponsored by Scholastic Book Club. Twenty families donated new pajamas. The pajama drive is a great reminder of how important a bedtime storybook can be. The national program provides children who live in shelters, group homes, foster care and other at-risk children with a pair of pajamas and a bedtime storybook. 

We all know how great it feels to receive gifts. Joy comes from helping others to better their lives. Thank you to everyone who donated!

Northvail’s Pajama Drive

CCM Library Offers Free Workshop for Small Business Owners

Frank L. Cahill
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CCM Library Offers Free Workshop for Small Business Owners

RANDOLPH — The County College of Morris (CCM) Library is offering a free workshop on research tools for small businesses on Tuesday, January 9.

The workshop will be held from 10:00 a.m. to 11:30 a.m. in the Sherman H. Masten Learning Resource Center, Room 205, on CCM’s Randolph campus, 214 Center Grove Road. Attendees can park in Lot 7.

The purpose of the workshop is to help small business owners find information to help their business grow.

During the session, small business owners will learn about a variety of databases, including Reference USA, Business Source Elite, Regional Business News, Small Business Reference Center and others provided through the New Jersey State Library.

The workshop is free but registration is required. Call (973) 328-5300 to reserve a seat.

Centenary University’s School of Professional Studies Program to Offer New Accounting Degree

Frank L. Cahill
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Centenary University’s School of Professional Studies Program to Offer New Accounting Degree

PARSIPPANY — Centenary University’s School of Professional Studies (SPS) is coming up to its one year anniversary at its new location at the Mack-Cali Professional Building at Seven Campus Drive.  New classes are starting soon in January.  SPS offers many different programs including a Bachelor of Science degree in Accounting.

This program was developed as a result in growth in the Accounting field and the resulting job demand. According to the U.S. Bureau of Labor Statistics, employment of accountants and auditors is projected to grow 10 percent from 2016 to 2016, faster than the average for all occupations.  Globalization, a growing economy, and a complex tax and regulatory environment are expected to continue to lead to strong demand for accountants and auditors.  The continued globalization of business may lead to increased demand for accounting expertise and services related to international trade and international mergers and acquisitions.

“This program was created as a result of that demand,” says Frank Longo, Assistant Professor of Accounting at SPS.  “It is our goal to fill that need to for this highly sought after profession.”

The accelerated classes, which are completed in eight weeks rather than the traditional 15, are held in Parsippany.  Classes run 3.5 hours in the evening and are taught by professionals in the field.  Students participate in courses in-person or can connect remotely.

“This is conducive to accommodating the needs of an adult learner who is juggling many responsibilities,” says Professor Longo.  “These students also have an advantage of having the ability to complete a Bachelor’s degree in much less time than the traditional timeframe of four years.”

In addition to the Bachelor of Science in Accounting degree, other programs that are available starting in January include an Associate of Arts in Liberal Arts, a Bachelor of Science degree in Business Administration with concentrations in Management and Social Media Marketing, a Master in Business Administration degree with concentrations in Management, Marketing, Leadership and Health Administration.  In addition, we offer certificates in Social Media Marketing, Leadership and Health Administration.

First established in 1999, Centenary University’s School of Professional Studies (SPS) provides an entrepreneurial approach to the educational experience by offering professional studies to an adult population, allowing students to select the modality most conducive to their busy lifestyle.  Students can take classes in a variety of formats: one-night-per-week, completely online or through a blended approach, which combines online and in-class methods.

The curriculum combines theory and practical experience, allowing students to apply knowledge acquired immediately.  Having conferred thousands of A.A., B.S.B.A. and M.B.A. degrees, the School of Professional Studies serves as an inclusive and collaborative learning community dedicated to preparing adult students to progress further in society and to contribute directly to the state’s economic engine.

For more information about SPS offerings click here.

Founded in 1867 by the Newark Conference of the United Methodist Church, Centenary University’s academic program integrates a solid liberal arts foundation with a strong career orientation. This mix is designed to provide an educational experience that prepares students to succeed in the increasingly global and interdependent world.

Centenary University’s main campus is located in Hackettstown, with its equestrian facility in Washington Township (Morris County).  Centenary’s School of Professional Studies offers degree programs in Parsippany, as well as, corporate sites throughout New Jersey. 

 

 

Santa visits Sedgefield on a firetruck

Frank L. Cahill
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Santa visits Sedgefield on a firetruck

PARSIPPANY — The neighbors in Sedgefield gather around the home of President Carlos Guzman, and trimmed the tree, ate delicious cookies and donuts, drank hot chocolate and coffee waiting for the arrival of Santa.

Santa arrived by the Mount Tabor Volunteer Fire Department and joined the crowd, greeted the children and posed for pictures.

The history of Sedgefield:

In the late 40″s Justus Nienaber purchased a 200 acre tract from Peter Freylinghuysen Jr.  This was formerly the Ballantine Estate and included a beautiful two-story white colonial mansion, complete with gazebo, creek, pond and other outbuildings.

In 1949, he started to develop Sedgefield with a group of builders.  The name was taken from a charming and peaceful Carolina resort hotel, The Sedgefield Inn, which is surrounded by a development of gracious homes.

The name Sedgefield itself is derived from two Anglo-Saxon words: secg (a sword), its popular meaning – any course, grass like herb, growing in damp places; and feld – a cleared piece of land.

Carrying on with the Anglo-Saxon Association, all the streets bear the names of English towns, villages or locations.  The three entry streets are Sherwood, Sedgefield and Dartford.  All streets between Sedgefield and Dartford are in alphabetical order.  All streets between Robinhood and Friar are of English origin but are not in alphabetical order.

Development in Sedgefield can be determined by the type of roads in the area.  The first section contained ranch or single story homes built on streets with no curbs.  The second section contained ranch, split-level and two-story colonials built on streets with concrete curbs.  The third and final section contained two-story colonials or split-level homes built on streets with Belgian block curbing and sidewalks.

Long time residents can remember when Littleton Road (US 202) was a two-lane tree-line road with very little traffic.  It passed Rusty’s Hardware Store, the old St. Christopher’s Church (which was housed in the Blue Swan Inn) and a goat farm that used to be in the area of the Littleton Road bridge over Route 80.  Alderney Dairy had a barn and pasture where Gatehall is now located.  Cows and deer used to wander into Sedgefield along Robinhood Road.  A few deer still visit us on occasion.

Back then, the Morris Plains Shopping Center had a Two Guys from Harrison store.  Sip and Sup was located at the intersection of Route 202 and Route 10 where one could enjoy food and dairy products in a leisurely manner and watch the few cars going through the intersection.  The area now covered with commercial buildings (Campus Drive, Sylvan Way and Dryden Way) contained dairy farms and was used by the Civic Association for picnics and fireworks.

In the 1970s, Sherwood Village (the section around Sherwood, Friar, Robinhood and Littlejohn Roads) was included as part of Sedgefield.  Crawford Road was the last area to be developed.

The last home in Sedgefield was erected in 1988, a two-story colonial manufactured in Pennsylvania.  This was the 295th home in Sedgefield.

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