Newmark’s (Newmark) greater Philadelphia Capital Markets team comprising Mike Margolis and Dave Dolan have successfully completed the $33.6 million sale of Liberty Walk at East Gate in Mount Laurel, New Jersey. The team represented LSOP 3 LLC in the sale to Nessel Development of Dallas, Texas.
The office park at 300, 302, 330 and 350 Fellowship Road is highlighted by a completely revitalized long-term corporate headquarters at 300 Fellowship Road, which is the only LEED Gold Certified building in Southern New Jersey, outside of Camden. The office park is known to include some of the highest quality buildings in the extremely accessible and desirable “3M” submarket encompassing Mount Laurel, Marlton and Moorestown. Entrances to the New Jersey Turnpike and I-295 are within 1.3 miles of the portfolio, while major local thoroughfares including Routes 73, 38 and 70 provide ease of access to the entirety of Southern New Jersey.
The 235,000-square-foot office park was 90 percent leased to nine tenants at the time of the sale. Investment grade tenants such as Morgan Stanley, Oracle, Comcast and PMA Companies highlight the office park’s impressive roster, while a new 32,000-square-foot lease signed by Conrail boosted the park’s occupancy prior to the sale. Marlin Capital Solutions is the office park’s long-term (since 2004) anchor tenant and has recently extended its lease while undertaking a gut renovation of the entire 300 Fellowship Road building and a portion of 302 Fellowship Road.
Newmark (“Newmark”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 18,000 professionals operate from approximately 480 offices on six continents. Newmark’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.
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