By Joshua Burd
An investment firm has acquired a Mount Laurel office building after a series of deals to shore up the tenant roster at the nearly 100,000-square-foot complex, the company said.
Zamir Equities, based in New York, announced Tuesday it had completed the acquisition of 1120 Executive Plaza at 1120 Route 73. The sale price was not disclosed, but separate reports say the firm acquired the four-story property from Brandywine Realty Trust for $9.5 million.
In a news release, Zamir said 1120 Executive Plaza is a 95,488-square-foot office building constructed in 1987 and fully renovated in 2011. The fully occupied building is anchored by Association Headquarters and Allianz Life Insurance, which account for 50 percent of the space.
Founder and Chairman Asher Zamir said the firm’s “biggest challenge” with the acquisition was that one of its largest leases accounted for one-third of the property’s gross leasable area and was set to expire in 10 months. But prior to closing, the firm signed two new leases that replaced 60 percent of the expiring space, while simultaneously negotiating a renewal of the remaining space from another tenant.
“1120 Executive Plaza fits perfectly in our finely tuned portfolio,” said Zamir said in a prepared statement. “We come to each of our properties with a very specific investment strategy, which, ultimately, results in significant growth, improvements to the property, and a respectable return on investment.”
The property sits on a six-lane stretch of Route 73 and is 700 feet from the New Jersey Turnpike entrance, Zamir said. Association Headquarters has leased space through January 2027, while Allianz Life Insurance occupies its space through 2021.