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.