MARLTON, NJ–Wolf Commercial Real Estate represented UR Lippincott DST in its acquisition of 402-404 Lippincott Drive in Marlton, NJ. The new ownership group purchased this fully occupied, 53,100-square-foot single tenant class A office building from Lippincott Real Estate Associates for $9.5 million. Jason Wolf, managing principal of WCRE, worked closely with both parties in this transaction.
"The property is in excellent condition, well designed with executive offices and many open collaborative areas,” Wolf tells GlobeSt.com exclusively. “The buildings were fully renovated in 2009 and delivered to the tenant with high-end finishes throughout. This is one of the nicest single-tenant headquarters properties in our region.”
402-404 Lippincott Drive is under a long term lease to Continuum Health Associates, and is located within the Marlton Crossing Office Park, which is also home to many other major companies including Virtua Health, Morgan Stanley, and Friedman, LLP.
This well located office building provides the new ownership with a quality asset in a premier office park that provides direct access to Route 73 and within close proximity to I-295 & NJ Turnpike. 402-404 Lippincott is located within a beautifully landscaped environment and is near The Promenade at Sagemore retail center, hotels, banks, restaurants and retailers.
“Our buyer was seeking a long-term income producing property with a quality tenant,” says Wolf. “A deal of this size may be a good indicator that Southern New Jersey is an attractive market for institutional-level investors and lenders are still bullish on stabilized assets in quality markets.”
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
