Newmark has arranged the sale of Moorestown Corporate Center, a three-building, 222,888-square-foot Class A office portfolio in Moorestown. Keystone sold the asset to an affiliate of Melrose Solomon Enterprises for $17.6 million.
Newmark Senior Managing Director David Dolan, Associate Angelo Brutico, and Executive Managing Director Anne Klein facilitated the sale on behalf of the seller. Newmark Executive Managing Director Stephen Comly and Assistant Vice President Eric DeStefano arranged financing on behalf of the buyer.
“The portfolio features a rent roll of five high-quality, long-term tenants with stable cash flow and provides new ownership exceptional upside through the lease-up of the remaining available office space,” said Brutico.
Moorestown Corporate Center, at 224, 228, and 232 Strawbridge Drive, is off Route 38 and Fellowship Road in Moorestown. The property benefits from access to major highways such as Interstate 295 and the New Jersey Turnpike. It is just over a mile away from the Moorestown Mall.
The three-building portfolio features multi-story atriums, a common café and outdoor seating area, and a new fitness center. Set on 16.18 acres, the property is 13 miles from Philadelphia.
“We’ve worked hard to modernize and reposition Moorestown Corporate Center over the years,” said Randy Johnson, Regional Director at Keystone, “and we’re pleased to complete this transaction with a buyer who shares our commitment to long-term value and a high-quality tenant experience.”
Melrose Solomon is a real estate investment firm with office, retail, and industrial properties in the Midwest, Mid-Atlantic, and Southeast. The firm has a real estate portfolio of more than 2 million square feet.
