When the Bloom Organization sold a 32-building, 1.2-million-square-foot industrial portfolio this summer, it represented the last of the longtime landlord’s once expansive industrial holdings across South Jersey. Now, Bloom has sold the final piece of property it owned— Bloom Court, the three-story, 43,000-square-foot Mount Laurel office building where it set up its headquarters.
As Bloom dealt largely in industrial properties over the past 75 years, the sale of its last warehouse portfolio marked the end of an era in the market. The sale price was not disclosed and is not yet available via a public record database.
Bloom’s corporate office occupied about 5,700 square feet in its headquarters building. Other tenants include Core Title and the law firm Dembo, Brown and Burns. A 6,700-square-foot suite on the second floor was vacant when, but it was leased this month to land surveying firm Control Point Associates.
Bloom’s space will be available to lease this coming quarter, putting the building’s occupancy rate at 87%. The company has been run by the Bloom family for 75 years but has slowly pared down its holdings over the past 10 years following the death of its patriarch, Steven Bloom, in 2008.
Its location on Route 73 about a mile from the New Jersey Turnpike and I-295 is a major selling point along with the fact it has easy parking. Suburban properties in South Jersey also don’t face some of the same challenges as Center City building, like the need for long public transit commutes or elevator rides.
The market also has several mom-and-pop tenants who may not follow in the footsteps of large companies in making working from a home a more permanent part of their operations.
*Article courtesy of Philadelphia Business Journal
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