S hopping C enters S outhern NJ S potlight
M id A tlantic Real Estate Journal — Southern New Jersey — July 24 - August 13, 2020 — 7B
www.marej.com
OUNT LAUREL, NJ — Nessel De- velopment , a com- The 4-Building 234,563 s/f office campus marks the firm’s latest acquisition in the region Nessel Development acquires and plans to re-brandLibertyWalk at East Gate inMount Laurel M
rebranding the site formerly named Liberty Walk at East Gate. The new Fellowship Cor- porate Center will capture the essence of what is currently one of the newest commercial real estate assets in the highly sought after Mount Laurel area. First entering the New Jer- sey market in March 2018, the Fellowship Corporate Center purchase comes on the heels of several Nessel investments in the state over the past 15 months ~ a portfolio which now exceeds one million s/f and 10+ commercial real estate build- ings. Other office and office/ flex sites include 71,955 s/f at 150 College Rd. in Princeton, 119,089 s/f at 5 Paragon in
Montvale and 183,000 s/f at 9 North Olney in Cherry Hill. The firm also expanded further north with its acquisition of a 157,267 s/f manufacturing fa- cility at 127 Park Ave. in East Hartford, CT. Says Ari Nessel , principal, Nessel Development, “New Jersey, and specifically this new acquisition, is well-aligned with our investment strategy, one the seeks the selection of safe, high yielding commercial properties. Equally important is the state’s commitment to supporting green investments through energy incentives, a core component of the Nessel mission in our approach to real estate and the community as a whole.” MAREJ
MOUNT LAUREL, NJ — CBRE announced that it has successfully arranged for the sale of the six-building Green- tree North Corporate Center (11000, 12000, 14000, 15000, 17000 & 18000 Commerce Parkway) and 1001 Briggs Rd. in Cambridge Crossing, totaling 244,000 s/f of single- story office/flex buildings, all located in Mount Laurel, Bur- lington County. The portfolio was acquired by Golden Gate Capital for a total sale price of $14.85 million. Just 12 months ago, Golden Gate had also ac- quired Colwick Business Cen- ter, a 172,500 s/f single-story office park in Cherry Hill. Stephen Marzullo and Adam Silverman of CBRE’s Philadelphia Commercial In- vestment Properties team, along with Jon Sarkisian , department head of CBRE’s Southern New Jersey office, represented the seller in the marketing and sales negotia- tions. “At just over 50% occu- pancy, the portfolio provides Golden Gate Capital a rare opportunity to acquire a sta- ble, existing cash flow along with the ability to enhance value with the lease-up of the available space,” said mercial real estate investment firm headquartered in Dallas, Tx, announced its acquisition of the four-building office campus at 300, 302, 330 and 350 Fellowship Rd., Mount Laurel, representing the firm’s latest expansion in the region. Located on 20+ acres, the com- plex has a combined 234,563 s/f of class A office space and features the only LEED Gold Certified building in South- ern New Jersey outside of Camden. The mix of single- and multi-story buildings are state-of art, within a setting of interconnected walkways, brick patios, flowing ponds,
Liberty Walk at East Gate
fountains and sculptures, and home to a diverse group of high profile tenants. With a shared occupancy rate of
76% currently, the site will be at 90% leased by summer’s end. As part of its planned improvements, Nessel will be
CBRE's Marzullo, Silverman & Sarkisian arranges sale of Mount Laurel office portfolio to Golden Gate Capital
15000 Commerce Parkway
Greentree North Corporate Center
Marzullo. Property management will be handled by Golden Gate Management , a subsid- iary of Golden Gate Capital. Golden Gate plans capital investments to provide an enhanced office environment and proactive, institutional- quality service to its tenants. Greentree North Corporate Center has been renamed Mount Laurel Commerce Center by new ownership. “As single-story bui ld- ings with private entrances, Mount Laurel Commerce Center and 1001 Briggs Rd. are uniquely positioned to ad-
dress new workplace health and safety recommendations. The buildings can accommo- date the needs of small and medium size tenants who want to minimize exposure to elevators, central building systems and heavily-traf- ficked common areas,” said Sarkisian. The portfolio is occupied by a diverse mix of well-estab- lished, regional and national tenants including Vertical Screen, Cooper Institute for Reproductive Hormonal Dis- orders, Ancero LLC, Just Children and Virtua Infec- tious Disease. Both properties
1001 Briggs Rd. in Cambridge Crossing
are strategically located with quick access to interchanges of I-295 and the NJ Tpke. with Mount Laurel Com- merce Center positioned at
the intersection of Rte. 73 and Commerce Pkwy. and 1001 Briggs Rd. in Cam- bridge Crossing along Rte. 38. MAREJ
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