Greentree-Drone
Greentree North Corporate Center in Mount Laurel, NJ.
MOUNT LAUREL, NJ –  CBRE has arranged the sale of a six-building portfolio in Mount Laurel, NJ; totaling 244,000 square feet of single-story, office/flex space. The portfolio was acquired by Golden Gate Capital in a $14.85 million transaction. The portfolio comprises Greentree North Corporate Center, located at 11000, 12000, 14000, 15000, 17000 & 18000 Commerce Parkway, and 1001 Briggs Road in Cambridge Crossing. Located within Burlington County, both properties are situated near Interstate 295 and the NJ Turnpike. The properties are partially occupied by a mix of regional and national tenants, such as Vertical Screen, Cooper Institute for Reproductive Hormonal Disorders, Ancero LLC, Just Children and Virtua Infectious Disease. The buildings' vacant space can accommodate both small and medium size tenants. "At just over 50% occupancy, the portfolio provides Golden Gate Capital (with) a rare opportunity to acquire a stable, existing cash flow, along with the ability to enhance value with the lease-up of the available space," stated CBRE's Stephen Marzullo. The new ownership has renamed Greentree North Corporate Center to Mount Laurel Commerce Center. The portfolio's property management will be handed by Golden Gate Capital subsidiary, Golden Gate Management. The company plans to enhance the portfolio's office environments and tenant services through capital investments. CBRE's Philadelphia commercial investment properties team of Stephen Marzullo and Adam Silverman, represented the seller in marketing and sales negotiations, alongside CBRE's Southern NJ office department head, Jon Sarkisian. Golden Gate Capital has additionally retained CBRE's Mount Laurel-based, office leasing team of Jon Sarkisian, Brian Saggiomo and Lisa Gibson to lease the portfolio's properties. Golden Gate Capital additionally acquired the 172,500-square-foot, single-story office park, Colwick Business Center in Cherry Hill, NJ, just 12 months ago.
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