By Joshua Burd
A real estate investment trust has sold a Mount Laurel office building that spans more than 87,000 square feet and is home to a single tenant, brokers with Newmark announced.
The seller, Four Springs Capital Trust, reaped an undisclosed sum for the net-leased property at 250 Century Parkway, according to a news release. A partnership of 250 Century Parkway LLC and Needleman Management Co. purchased the building, which sits on 7.24 acres at the nexus of Route 73 and the New Jersey Turnpike and has amenities such as a cafeteria, a conference center and a fitness center.
Newmark Senior Managing Director David Dolan and Associate Angelo Brutico represented the seller, with support from Financial Analyst John Cook.
“The property is in an exceptional location, just minutes from the Moorestown Mall, and features some of the region’s most desirable retail amenities,” Dolan said. “We are pleased to have achieved this favorable outcome and congratulate everyone involved.”
Newmark noted that the four-story, 87,460-square-foot property is also just 13 miles from Philadelphia and a 90-minute drive to Manhattan.
“This sale marks a significant milestone for Four Springs Capital Trust as it reflects our strategic intent to optimize our portfolio and capitalize on the demand for high-quality office spaces,” said Marcia Minton, vice president of asset management at Four Springs. “The successful closure of this deal underscores our commitment to maintaining robust asset quality and generating substantial value for our stakeholders.”
