Marlton Executive Park in Marlton — Courtesy: HFF
By Joshua Burd
A longtime residential investor is expanding into the office sector, acquiring a four-building, 305,000-square-foot portfolio in Burlington County.
Brokers with HFF said Tuesday that they represented Somerset Properties in the $31.4 million sale, which includes Marlton Executive Park I and II in Marlton and two Horizon Corporate Center buildings in Mount Laurel. The buyer, Mobius, is making its first foray into office property after having owned and renovated nearly 10,000 multifamily units over the past two decades.
The HFF investment advisory team included Senior Managing Director Doug Rodio and Managing Director Brett Segal. The firm also arranged a $24.275 million acquisition loan through Wells Fargo Bank, led by the debt placement team of Managing Director Ryan Ade and Director Neil Campbell.
The Marlton Executive Park I and II properties are located at 701A and 701C Route 73 South, HFF said, while the Horizon Corporate Center buildings are four miles away at 3000 Atrium Way and 2000 Crawford Place. The portfolio is 94 percent leased to tenants such as Liberty Mutual, TD Bank, Virtua and the General Services Administration.
In a news release, HFF touted the properties’ access to Route 70, Interstate 295 and the New Jersey Turnpike, which provide connectivity to southern New Jersey, Philadelphia and New York City. Mobius has tapped CBRE to manage the properties and is retaining Somerset to oversee leasing, the brokerage firm said.
