520 Stokes Road in Medford — Courtesy: Marcus & Millichap
By Joshua Burd
A developer has paid nearly $2.1 million to acquire a boutique office building in Burlington County, under a newly announced transaction by Marcus & Millichap.
Brokers with the firm represented the seller, an unnamed LLC, in its disposition of 520 Stokes Road in Medford. Known as the Ironstone Medical & Professional Building, the 26,249-square foot property is minutes from Route 206 and home to a mix of medical and dental practices among several local businesses.
Lawrence Gariano and Michael A. Hinchman, investment specialists in Marcus & Millichap’s Philadelphia office, completed the $2.075 million deal on behalf of the seller. They also represented the buyer alongside colleague Jeremy Berinson, with assistance from New Jersey District Manager Brian Hosey.
“While the investment community has traditionally placed a premium on national tenants and investment-grade credit, properties with established local and regional tenants have performed tremendously well during the pandemic,” Hinchman said. “Additionally, recent data show office rent collections in this submarket exceeding those of apartments for June and July, so we feel the outlook for suburban office is particularly bright.”