CBRE announced today that it has successfully arranged for the sale of the six-building Greentree North Corporate Center (11000, 12000, 14000, 15000, 17000 & 18000 Commerce Parkway) and 1001 Briggs Road in Cambridge Crossing, totaling 244,000 sq. ft. of single-story office/flex buildings, all located in Mount Laurel, Burlington County, New Jersey. The portfolio was acquired by Golden Gate Capital for a total sale price of $14.85 million. Just 12 months ago, Golden Gate had also acquired Colwick Business Center, a 172,500 sq. ft. single-story office park in Cherry Hill, New Jersey.
Stephen Marzulloand Adam Silvermanof CBRE’s Philadelphia Commercial Investment Properties team, along with Jon Sarkisian, department head of CBRE’s Southern New Jersey office, represented the seller in the marketing and sales negotiations.
“At just over 50 percent occupancy, the portfolio provides Golden Gate Capital a rare opportunity to acquire a stable, existing cash flow along with the ability to enhance value with the lease-up of the available space,” stated Mr. Marzullo.
Property management will be handled by Golden Gate Management, a subsidiary of Golden Gate Capital. Golden Gate plans capital investments to provide an enhanced office environment and proactive, institutional-quality service to its tenants.
Golden Gate Capital has awarded the leasing assignment to CBRE’s Mount Laurel-based office leasing team of Jon Sarkisian, Brian Saggiomo and Lisa Gibson. Greentree North Corporate Center has been renamed Mount Laurel Commerce Center by new ownership.
“As single-story buildings with private entrances, Mount Laurel Commerce Center and 1001 Briggs Road are uniquely positioned to address new workplace health and safety recommendations. The buildings can accommodate the needs of small and medium size tenants who want to minimize exposure to elevators, central building systems and heavily-trafficked common areas,” said Mr. Sarkisian.
The portfolio is occupied by a diverse mix of well-established, regional and national tenants including Vertical Screen, Cooper Institute for Reproductive Hormonal Disorders, Ancero LLC, Just Children and Virtua Infectious Disease. Both properties are strategically located with quick access to interchanges of I-295 and the NJ Turnpike with Mount Laurel Commerce Center positioned at the intersection of Route 73 and Commerce Parkway and 1001 Briggs Road in Cambridge Crossing along Route 38.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2019 revenue). The company has more than 100,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 530 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
