406 East Gibbsboro Road in Lindenwold — Courtesy: Colliers International
By Joshua Burd
A medical office building in Camden County has changed hands after inking a lease with an area health system, in a series of transactions completed by Colliers International.
The real estate services firm announced it represented GLG Properties, the now-former owner of 406 East Gibbsboro Road in Lindenwold, in a 9,468-square-foot lease with Virtua Medical Group. Concurrently, Colliers represented GLG in selling the property to an affiliate of Needleman Management, which paid $925,000.
Evan Zweben of the firm’s Mount Laurel office orchestrated the deals, noting that an existing OBGYN practice in the building is consolidating and relocating to Voorhees.
Virtua, which is moving an existing practice from across the street and moving other services to 406 East Gibbsboro Road, is expected to take occupancy by late spring or early summer, Colliers said. The health system’s quality tenancy was the primary factor in the sale.
“Evan simultaneously helped us through the site selection process for our new Voorhees location and helped secure Virtua as a tenant upon our departure,” said Dr. Len Gildiner, the property’s departing owner. “By doing so, he guaranteed we would not have to carry a vacant building, which we found truly remarkable.”
