"The buyer was attracted by the buildings' quality, location and leasing profile," says Kranzel of the Conshohocken, PA-based Buccini/Pollin Group. "They are the largest private owner of office buildings in the Philadelphia metro area, and felt that expansion in the South Jersey area was strategic in terms of their overall portfolio."
Located at the confluence of Routes 38 and 70 and Cuthbert Blvd. in this Camden County township, the move is also a value-add play for the new owner. Combined, the two buildings, part of a larger, 12-building corporate campus, are currently 73% leased.
The two-story 5 Executive Campus contains a total of 67,444 sf of rentable space, and lists two governments as its current tenants. Both the federal (Social Security) and the state (NJ Department of Law) governments are on the premises. And 6 Executive Campus is a 99,573-sf, four-story asset that is currently 75% occupied by Pinnacle Foods Corp. and Nations Home Mortgage.
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