Investor acquires office center in South Jersey for $11.05M, JLL says

JLL Capital Markets announced on Tuesday it has closed on the sale of an office center in Mount Laurel.

The Mount Laurel Office Center sold for $11.05 million. It comprised of 83,216 square feet and located at 530, 532 and 534 Fellowship Road in Mount Laurel.

JLL’s Capital Markets team of Doug Rodio, senior managing director along with Brett Segal and Brett Grifo, managing directors, represented the seller, Pennmark Properties, and procured the buyer, an undisclosed investor.

The center is currently at max capacity and leased to six tenants, anchored by various United States government offices, which represent 64% of the portfolio’s rentable space. The property is visible from Route 73 and is within close access to routes 38 and 70, Interstatee 295 and the New Jersey Turnpike.