Somerset Properties Sells Office Portfolio in NJ
The 304,732-square-foot portfolio was 94 percent occupied at the time of sale. The office buildings are all located within minutes of major thoroughfares.
By Tudor Scolca
Marlton Executive Park, at 701A State Route 73
Somerset Properties has sold a four-building office portfolio located in Mount Laurel and Marlton, N.J. Mobius acquired the properties for a combined $31.4 million and received a 10-year fixed-rate acquisition loan from Wells Fargo Bank, in the amount of $24.3 million. The portfolio totals 304,732 square feet and is 94 percent occupied.
An HFF team represented Somerset in the transaction and arranged the funding on behalf of Mobius.
The Marlton, N.J., buildings consist of the Marlton Executive Park I and II, located at 701A and 701C State Route 73. The offices are in close vicinity to Interstate 295 and about half an hour’s drive from downtown Philadelphia. Marlton Executive Park was constructed in 1988 and totals 121,568 square feet. The tenant mix includes the GSA, Libery Mutual and Nation One Mortgage, among others.
Horizon Corporate Center is located at 3000 Atrium Way and 2000 Crawford Place, in Mount Laurel, N.J. The campus, which comprises two buildings completed in 1987, encompasses 183,164 square feet of space. This property also has immediate access to major thoroughfares, such as the New Jersey Turnpike, Route 70 and Interstate 295. Tenants at Horizon Corporate Center include Siemens, Virtua and Nathael International.
Recently, Somerset Properties teamed up with Alex Brown Realty Inc. to sell an industrial asset in Raleigh, N.C. The $17.8 million transaction was brokered by another HFF team.
Image courtesy of Yardi Matrix
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