PropertyPilot Blog

$30 Million Morris Plains NJ Office Complex Scheduled For Foreclosure Auction.

by PropertyPilot on December 12, 2012

A $30 million, 329,850 square foot, Morris County office complex, sited on 28 acres of land, is scheduled for sheriff’s foreclosure auction tomorrow.

The Morris Business Campus, located at 1000-1200 The American Road, Morris Plains, NJ, is a three-building, 329,850-square-foot office complex.

Morsis Business Campus-1000 The American Road, Morris Plains

Building 1000 contains 175,784 square feet on three floors, Building 1100 consists of 62,160 square feet on three floors, and Building 1200 has 91,906 square feet on two floors.

The property is valued at $30,126,964 (based upon current assessment and ratio); the judgment amount is approximately $35,000,000.

According to the court foreclosure complaint filed in February 2012, the property defaulted in April of 2011 on what was originally a December 27, 2012 loan in the amouunt of $36,500,000.

The property’s primary owner of record is PMW Associates; the foreclosing lender is GCCFC 2003-C2 American Road, LLC.

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