A California-based multifamily developer has entered the office market, purchasing a four-property portfolio in South Jersey for $31.4 million, according to Holliday Fenoglio Fowler L.P.
The real estate services firm said in a news release that Mobius has purchased the properties in Mount Laurel and Marlton, totaling 304,732 square feet, from Somerset Properties.
HFF represented the seller, procured the buyer and arranged financing for Mobius as part of the deal. HFF secured the buyer a 10-year, $24.3 million loan from Wells Fargo Bank.
The buildings in the deal include Marlton Executive Park I and II, at 701A and 701C Route 73 South in Marlton, and the Horizon Corporate Center, at 3000 Atrium Way and 2000 Crawford Place in Mount Laurel.
The properties are 94 percent leased to tenants that include Liberty Mutual, TD Bank and Virtua.
The HFF investment advisory team on the deal included Doug Rodio, senior managing director, and Brett Segal, managing director. The HFF debt placement team included Ryan Ade, managing director, and Neil Campbell, director.
