S hopping C enters N ew J ersey
Real Estate Journal — New Jersey — Section B
www.marejournal.com
M id A tlantic
Jason Wolf, managing principal of WCRE, works closely with both parties WCRE facilitates $9.5 million sale of 53,100 s/f fully leased class “A” investment property
M
ARLTON , NJ – WCRE is proud to have successfully rep-
resented UR L i p p i n c o t t DST in i t s acquisition of 402-404 Lip- pincott Dr. in Marlton. The new owner- shi p group purchased
Jason Wolf
this fully occupied, 53,100 s/f single tenant class “A” office building from Lippincott Real
402 Lippincott Dr.
404 Lippincott Dr.
JUNE 12 - 25, 2015
Estate Associates, LLC for $9.5 million. JasonWolf , managing principal of WCRE, worked closely with both parties in this transaction. 402-404 Lippincott Dr. is under a long term lease to Con- tinuumHealth Associates, and is located within the Marlton
Crossing Office Park, which is also home to many other major companies including Virtua Health, Morgan Stanley, and Friedman, LLP. This well located office build- ing provides the new ownership with a quality asset in a pre- mier office park that provides
direct access to Route 73 and within close proximity to I-295 &NJ Turnpike 402-404 Lippin- cott is located within a beauti- fully landscaped environment and is nearby The Promenade at Sagemore, hotels, banks, restaurants and retailers. “Our buyer was seeking a
long-term income producing property with a quality tenant. A deal of this size may be a good indicator that Southern New Jersey is an attractive market for institutional-level investors and lenders are still bullish on stabilized assets in quality markets,” said WCRE’s Wolf. n
Northern NJ SPOTLIGHT HI-LIGHTS Gebroe-Hammer arranges $12.17m trade of Grande Apar tment s i n Roselle Park, NJ 5-12B
Blitt and Sager of Bussel represent the buyer; CBRE represents the seller Bussel brokers $4 million sale of 64,990 s/f 111 Somogyi Court in South Plainfield, NJ
SOUTH PLAINFIELD, NJ — Bussel Realty Corp. (BRC) , a leading industrial real estate services firm in New Jersey, announced it has brokered the sale of 111 So- mogyi Court in South Plain- field, a 64,990 s/f industrial facility. The property was sold for $4 million to Somogyi Holdings LLC. Senior vice presidents David Blitt and Robert Sager represented the buyer in the transaction. CBRE represented the seller. “The property purchase offered Somogyi Holdings expansion for their growing window hardware business,” said Blitt. “Despite the com- plications of the purchase through the bankruptcy court, it was a smooth transaction for the facility purchase and demonstrates the scarcity of industrial product presently for sale.” Sitting on 6.02 acres of
5B Transwestern rep- resents tenant in 33,000 s/f HQ lease
14B
111 Somogyi Court
ALSO INSIDE CREW NJ.............................. 15B www.marejournal.com
land, 111 Somogyi Court is in close proximity to I-287 and the New Jersey Turnpike and minutes to Route 1 and
440, and the Outerbridge Crossing to Staten Island and Brooklyn. The property has 20-foot ceiling heights, 1200
amps of electric power, 10 tailboards and seven drive- ins, wet sprinklers and rail served. n
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