Investor acquires Mount Laurel Office Center in Southern NJ
JLL Capital Markets completes the $11.05M sale on behalf of Pennmark Properties
PHILADELPHIA, January 14, 2020 – JLL Capital Markets announced today that it has closed the $11.05 million sale of The Mount Laurel Office Center, an 83,216-square-foot office portfolio located at 530, 532, and 534 Fellowship Road in Mount Laurel, New Jersey.
JLL represented the seller, Pennmark Properties, and procured the buyer, a private investor.
The Mount Laurel Office Center is 100% leased to six tenants and is anchored by the various uses of the United States Government’s General Services Administration (“GSA”), representing 64% of the portfolio’s rentable square footage. The property has visibility from Route 73 and convenient access to many of the area’s primary thoroughfares, including Routes 38 and 70, Interstate 295 and The New Jersey Turnpike. The asset is surrounded by an amenity-rich submarket highlighted by The Moorestown Mall, numerous restaurant and retail destinations as well as the desirable residential communities of Marlton, Cherry Hill and Medford.
The JLL Capital Markets team representing the seller was led by Managing Director Brett Segal, Senior Managing Director Doug Rodio and Managing Director Brett Grifo.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of more than 93,000 as of September 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.