Colliers International Facilitates Sale of Two Class “A”
Office Buildings in Marlton, New Jersey for $7.55 M
June 8, 2017 [Mount Laurel, NJ] – Colliers International in Southern New Jersey concluded the investment sale of 400 and 406 Lippincott Drive, located in the South Crossing Office Complex. The two buildings total more than 80,000 rentable square feet for $7.55M.
Tenants include Citizens Bank, Advocare, South Jersey Fertility, the General Services Administration, and others. South Crossing, located adjacent to Route 73 and Brick Road in Marlton, is nestled in an area with a multitude of convenient amenities, including retail (Promenade, Marlton Crossing, Meadows Edge, and Marlton Square), restaurants (PF Changs, Brio, Redstone), and strong corporate neighbors (Virtua, Continuum, Morgan Stanley). The buyer, Villa Chapman Apartments, LLC, has retained Colliers as their leasing agent.
“The former owner, Somerset Properties and Greenfield, did an outstanding job maintaining the buildings and bringing quality tenants to the portfolio,” said Evan Zweben, who will lead the marketing efforts for the vacant units. “We have availabilities ranging from 2,500 to 10,000 square feet – all have excellent window lines, share beautiful common lobbies (building 400), and direct-access (building 406).”
Evan Zweben and Ian Richman, both Senior Vice Presidents in Colliers International’s Mount Laurel office, represented the Buyer in this transaction. The Seller, LSOP 3 NJ, LLC, a related entity of Somerset Properties and Greenfield, was represented in-house.