Newmark has been appointed as the exclusive broker in the sale of Liberty Walk at East Gate, a four-building office park located in Mount Laurel, New Jersey. Newmark’s Philadelphia Capital Markets team comprising Mike Margolis, Dave Dolan and Dave Garonzik will market the property for sale. The 235,000-square-foot office park, located at 300, 302, 330 and 350 Fellowship Road, was acquired by current ownership in 2014 from Liberty Property Trust, the building’s developer, as part of a larger property portfolio.
“The buildings, highlighted by a completely revitalized long-term corporate headquarters building and the only LEED Gold Certified building in Southern New Jersey outside of Camden, are some of the highest quality buildings in the extremely accessible and desirable ‘3M’ submarket encompassing Mount Laurel, Marlton and Moorestown,” said Margolis.
Liberty Walk at East Gate is currently 76 percent leased to eight tenants, providing an investor long-term upside with a weighted average lease term of approximately 7.5 years, as well as the ability to create significant value through the lease-up of remaining vacancies. Investment grade companies such as Morgan Stanley, Oracle, Comcast and PMA Companies highlight the office park’s impressive tenant roster. Marlin Capital Solutions, another high-quality publicly traded company, is the office park’s long-term (since 2004) anchor tenant. Marlin Capital Solutions recently extended its lease term and is undertaking a gut-renovation of the 300 building and a portion of the 302 building.
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 16,000 professionals operate from approximately 430 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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