S HOPPING C ENTERS N EW J ERSEY
Mid Atlantic Real Estate Journal — New Jersey — Section B
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Jones Lang LaSalle VP Douglas Rodio, CCIM represents buyer Keystone acquires 222,823 s/f Moorestown Corporate Center from Mack-Cali Realty M OUNT LAUREL, NJ — Keystone Prop- erty Group has ac- transaction for approximately $19.9 million. Mack-Cali was represented in the transaction by Jerome Kranzel .
abilities for both large and small tenants who want a prestigious corporate address in a sought- after market. By purchasing this property at a low-cost basis, we are strongly positioned to execute strategic enhancements and an aggressive leasing cam- paign with highly competitive rates in order to attract top-tier tenants.” As part of its reinvestment strategy for Moorestown Cor- porate Center, Keystone plans to differentiate the complex from other suburban office properties in the market through the incorporation of high-end finishes and light- ing upgrades to the lobby and elevators in 224 and 232 Strawbridge Dr., as well as modernizing the property’s HVAC systems, improving the landscaping and signage, and completely repaving the parking lot. ■
quired Moorestown Corporate Center, a three-building classA office complex totaling 222,823 s/f. Keystone purchased the property from Mack-Cali Realty Corporation and was represented by Jones Lang LaSalle vice president Douglas Rodio, CCIM, in the
Originally constructed in 1983, Moorestown Corporate Center includes: 224 Strawbridge Dr., a 74,000 s/f multi-tenant build- ing. 228 Strawbridge Dr., a 74,565 s/f single-tenant build- ing that was renovated in 1998
DECEMBER 7 - 20, 2012
HI-LIGHTS
Moorestown Corporate Center
and is fully occupied by Shaw Environmental. 232 Strawbridge Dr., a 74,258 s/f multi-tenant build- ing. “Keystone’s longtime strategy has been to acquire well-located
assets with tremendous value- add opportunities attached, and this property presents signifi- cant upside potential,” said Bill Glazer , president of Keystone Property Group. “Moorestown Corporate Center offers avail-
Colliers Int’l. facilitates 30,000 s/f industrial lease
Colliers International’s Southern New Jersey of- fice concluded a 30,000 s/f lease transaction at 1400 Sherman Ave. to Stack Transportation Services. See page 2B.
Wolf & Hemo inks transaction on behalf of buyer WCRE facilitates sale of CSC’s 100,000 s/f office complex
HFF closes $39.3m sale of Gaia Park View
HFF marketed the prop- erty on behalf of the seller, Gaia Real Estate Invest- ments, LLC . SDK Apart- ments purchased the asset for $39.275 million. See page 5B.
Rte. 38, a 58,215 s/f office build- ing are both located within the East Gate Business Center in Moorestown, Burlington Coun- ty off of the heavily traveled Rte. 38. Totaling 99,035 s/f, 301 Harper Dr. and 304 West Rte. 38 were acquired as vacant buildings. Both buildings of- fered a great opportunity for G & M to acquire two highly visible office buildings in one the best submarkets in South 301 Harper Dr. and 304 West Rte. 38
ALSO INSIDE:
MOORESTOWN, NJ — WCRE represented G & M Investments, LLC in their acquisition of 301 Harper Dr. and 304 West Rte. 38. G&M Investments acquired these two office buildings from Computer Sciences Corpora- tion. Jason Wolf and Leor Hemo of WCRE represented the buyer. 301 Harper Dr., a 40,820 s/f office building, and 304 West
Jersey, situated in a campus- like setting, at a fraction of replacement cost. “The purchase of these two office buildings provided an excellent opportunity for the parties involved. We’re very happy for G & M and excited about what this transaction will mean in terms of new opportunities for area busi- nesses, jobs and workers.” said Wolf. ■
N ORTHERN N EW J ERSEY S POTLIGHT .....................5-10B P EOPLE ON THE M OVE .............................................12B ICREW NJ O RGANIZATION .....................................13B
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