Greentree North Corporate Center on Commerce Parkway in Mount Laurel — Courtesy: CBRE
By Joshua Burd
An investment group has acquired a seven-building, 244,000-square-foot office and flex portfolio in Mount Laurel, under a newly announced transaction by CBRE.
Brokers with the firm represented an undisclosed seller in the trade of Greentree North Corporate Center, which spans 11000, 12000, 14000, 15000, 17000 and 18000 Commerce Parkway, and 1001 Briggs Road. Golden Gate Capital acquired the portfolio for a combined $14.85 million, retaining CBRE as its leasing agent.
“At just over 50 percent occupancy, the portfolio provides Golden Gate Capital a rare opportunity to acquire a stable, existing cash flow along with the ability to enhance value with the lease-up of the available space,” said CBRE’s Stephen Marzullo, who brokered the sale alongside Adam Silverman and Jon Sarkisian. Marzullo and Silverman are members of CBRE’s Philadelphia commercial investment properties team, while Sarkisian is department head of the firm’s southern New Jersey office in Mount Laurel.
The brokers noted that Golden Gate, which will manage the property, is planning to invest in upgrades at the newly renamed Mount Laurel Commerce Center. CBRE’s leasing team will include Jon Sarkisian, Brian Saggiomo and Lisa Gibson.
“As single-story buildings with private entrances, Mount Laurel Commerce Center and 1001 Briggs Road are uniquely positioned to address new workplace health and safety recommendations,” Sarkisian said. “The buildings can accommodate the needs of small and medium size tenants who want to minimize exposure to elevators, central building systems and heavily trafficked common areas.”
The deal comes a year after Golden Gate acquired Colwick Business Center, a 172,500-square-foot office park in Cherry Hill. Its newest acquisition in the area is home to well-established regional and national tenants including Vertical Screen, Cooper Institute for Reproductive Hormonal Disorders, Ancero LLC, Just Children and Virtua Infectious Disease.
Mount Laurel Commerce Center provides quick access to interchanges of Interstate 295 and the New Jersey Turnpike, CBRE said, citing its location at the intersection of Route 73 and Commerce Parkway.