CBRE announced on Friday it has arranged the $14.85 million sale of a six-building office portfolio in Mount Laurel.
The six-building, 244,000-square-foot portfolio is comprised of the Greentree North Corporate Center, located at 11000, 12000, 13000, 17000 and 18000 Commerce Parkway, and 1001 Briggs Road in Cambridge Crossing.
It was acquired by Golden Gate Capital and in turn has been renamed the Mount Laurel Commerce Center.
CBRE’s Philadelphia Commercial Investment Properties team of Stephen Marzullo and Adam Silverman, along with Jon Sarkisian, department head of CBRE’s South Jersey office, represented the seller.
“At just over 50% occupancy, the portfolio provides Golden Gate Capital a rare opportunity to acquire a stable, existing cash flow along with the ability to enhance value with the lease-up of the available space,” Marzullo said.
Golden Gate Capital’s subsidiary Golden Gate Management will manage the property. It said it awarded the leasing assignment to CBRE’s Mount Laurel-based office leasing team of Jon Sarkisian, Brian Saggiomo and Lisa Gibson.
“As single-story buildings with private entrances, Mount Laurel Commerce Center and 1001 Briggs Road are uniquely positioned to address new workplace health and safety recommendations. The buildings can accommodate the needs of small and medium size tenants who want to minimize exposure to elevators, central building systems and heavily-trafficked common areas,” Sarkisian said.
The portfolio boasts tenants including Vertical Screen, Cooper Institute for Reproductive Hormonal Disorders, Ancero LLC, Just Children and Virtua Infectious Disease. Both properties are within close access to Interstate 295, the New Jersey Turnpike, and routes 73 and 38.