750, 760, 770, 780 and 790 Centerton Road in Mount Laurel — Courtesy: Regal Ventures
By Joshua Burd
An investment firm has sold five office buildings in Mount Laurel for $51 million, touting the completion of a value-add strategy at the nearly 400,000-square-foot portfolio.
Regal Ventures, which is based in Manhattan, said the deal at 750, 760, 770, 780 and 790 Centerton Road comes less than a year after it purchased the properties for $35 million. Four of the buildings are leased to Lockheed Martin’s Rotary and Mission Systems division, the seller said, noting that it boosted the portfolio’s value largely by extending existing leases and removing termination options.
Top Terraces Inc. of Santa Monica, California, purchased the buildings from Regal and its joint venture limited partner, Chicago-based JDI Realty. A team led by Randy Blankstein president of The Boulder Group of Wilmette, Illinois, marketed the properties.
“Regal Ventures quickly formed a solid working relationship with Lockheed Martin’s lease management team,” said Alex Smith, co-managing partner of Regal Ventures. “Together, we agreed to lease modifications that enhanced the properties’ overall value and elevated their appeal to prospective buyers.”
The defense giant occupies 760, 770, 780 and 790 Centerton Road, while building 750 is vacant. Each building measures 79,692 square feet, boasting a location about 20 miles east of downtown Philadelphia.
“We had initially pinpointed this portfolio as an undervalued asset amid a market troubled by the pandemic,” said Joey Cohen, a Regal Ventures co-managing partner. “Regal Ventures had leveraged our sourcing capabilities to help identify this asset. We apply our data-driven processes to spot compelling, contrarian opportunities like this.”