Moorestown Corporate Center at 224, 228 and 232 Strawbridge Drive in Moorestown — Courtesy: Newmark
By Joshua Burd
Keystone has sold a nearly 223,000-square-foot office portfolio in Moorestown for $17.6 million, brokers with Newmark announced Monday.
In a news release, the listing team said an affiliate of Melrose Solomon Enterprises acquired the three-building Moorestown Corporate Center at 224, 228 and 232 Strawbridge Drive. The portfolio drew interest thanks in part to its location just off Route 38 and Fellowship Road, the brokers said, providing easy access to highways such as Interstate 295 and the New Jersey Turnpike and an abundance of retail and entertainment options including Moorestown Mall.
Newmark Senior Managing Director David Dolan, Associate Angelo Brutico and Executive Managing Director Anne Klein represented the seller, while Executive Managing Director Stephen Comly and Assistant Vice President Eric DeStefano sourced financing on the buyer’s behalf.
“The portfolio features a rent roll of five high-quality, long-term tenants with stable cash flow and provides new ownership exceptional upside through the lease-up of the remaining available office space,” Brutico said. “We had the pleasure of working with both seller and buyer to bring this transaction to a successful outcome.”
In announcing the deal, Newmark noted that the 222,888-square-foot complex has multistory, panoramic atriums, a common café and outdoor seating area and a new fitness center. The 16.18-acre property is just 13 miles from Philadelphia and less than 90 miles from New York City.
“We’ve worked hard to modernize and reposition Moorestown Corporate Center over the years,” said Randy Johnson, regional director at Keystone, “and we’re pleased to complete this transaction with a buyer who shares our commitment to long-term value and a high-quality tenant experience.”
Melrose Solomon is a real estate investment firm with office, retail and industrial properties in the Midwest, Mid-Atlantic and Southeast, the news release said. The firm owns more than 2 million square feet that it has acquired over the last decade.
