A seven-building portfolio of single-story office buildings in Mount Laurel sold for $14.85 million to a buyer who’s now amassed more than 400,000 square feet of single-story office space in the region. The sale comes as those types of properties, which often have private entrances, could see increased demand from employers looking to avoid shared common areas like lobbies and elevators to minimize Covid-19 risk.
The seven buildings total 244,000 square feet of space and are located at 11000, 12000, 14000, 15000, 17000 and 18000 Commerce Parkway in the Greentree North Corporate Center, as well as 1001 Briggs Rd. in Cambridge Crossing. The buyer, Brooklyn-based Golden Gate Capital, is renaming the Greentree North Center to the Mount Laurel Commerce Center.
1001 Briggs Rd. in Cambridge Crossing in Mount Laurel was also part of the sale. In the background is the New Jersey Turnpike, I-295 and the Top Golf at the Centerton Square Shopping Center.
The seller was Connecticut-based real estate investment firm Greenfield Partners, according to public property records. The most recent sale is the last piece of a larger South Jersey office portfolio it acquired from Liberty Property Trust in 2014 and has slowly sold off over the past three years.
Most of the properties Greenfield has sold off have been 100% leased out, or close to it, including a two-building portfolio of single-story offices at 1015 and 1025 Briggs Rd. in Mount Laurel it sold for $13.7 million last fall.
The Greentree and Cambridge Crossing portfolio, however, is about 50% occupied on average, with some buildings fully leased and others completely vacant. One of the largest tenants is applicant screening firm Vertical Screen.
The deal means that Golden Gate now owns more than 400,000 square feet of single-story office space in the South Jersey region, including the three-building, 172,500-square-foot Colwick Business Center it bought in Cherry Hill for $17.4 million a year ago.
While the Covid-19 pandemic and associated mass shift to remote work could spur a long-term drop in demand for office overall, Marzullo said he’s hopeful interest in single-story, private offices will increase as employers who do want to bring employees back to the office look to get away from larger, multi-story buildings where they can’t make their own sanitizing and social distancing rules for shared spaces.
*Article courtesy of Philadelphia Business Journal
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