However, the building was once in the hands of the Cranbury-based Matrix Development Group, which acquired it in 1998, launched a major renovation project, and subsequently sold it in 2000. The buyer, at that time, was identified to GlobeSt.com only as "a consortium of real estate investors based in Brooklyn, NY." The sale price was not disclosed, but according to industry sources the building traded for somewhere in the $40- to $45-million range five years ago.

And while the sale price this time around has similarly not been disclosed, New York City-based Carlton Advisory Services arranged and closed a $30-million, fixed-rate financing package to complete the acquisition. "The property has been meticulously maintained and is in excellent condition," says Howard L. Michaels, Carlton chairman, who has arranged multiple debt and equity placements for Karasick over the years. "The building has significant upside potential for some additional cash flow, as it has yet to be stabilized." Michaels and Carlton executives Michael Campbell and Leverett Spinac repped the borrower and placed the financing with an unnamed source.

"But it benefits from a tenancy of credit-quality, market-leading companies, including Campbell Soup, Lockheed Martin and Stone & Webster," Michaels continues. "We were able to arrange a very favorable financial structure, which allowed for the future lease-up of tenant space, and delivered the borrower's requested loan proceeds." Karasick could not be reached for comment.

Three Executive Campus, which is said to be one of the largest office buildings in the South Jersey portion of metro Philadelphia, is actually part of the six-building, one-million-sf Cherry Hill Executive Campus. The campus was built over several years in the 1970s, with three Executive Campus itself constructed in 1974 to 1975.

Listed in the management portfolio of NJ Fee Owner LLC, an affiliate of HR Management, the building sits on a 27-acre site at the intersection of Route 70 and Cuthbert Boulevard here. The building rises six stories and has floorplates in the 70,000-sf range, and is topped off by a rooftop penthouse.

Instant Insights /

Mark Karasick Buys 441,000-SF Office Building

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