PropertyPilot Blog

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

by PropertyPilot on December 12, 2012

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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.

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

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Morsis Business Campus-1000 The American Road, Morris Plains

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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.

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

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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.

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

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