$9M Takes Three-Building Complex

The property had been listed exclusively with the South Jersey office of Grubb & Ellis, and that firm's Joe Sklencar and David Dolan arranged the transaction for both the buyer and the seller. The assets had been listed on Grubb's website with a combined asking price of $10.3 million.

At the time of sale, the buildings were 75% occupied, with the available space listed with an asking price of $17.50 per sf. Major tenants include Honeywell Inc. and Lorillard Tobacco, which share 7 Eves Rd. Aurora Financial Group Inc. uses the 9 Eves Rd. building as its headquarters. Champion Mortgage is the primary tenant in the 11 Eves Rd. building.

"Quality tenancy, a good location and a price significantly below replacement cost made this an attractive opportunity for the Basile Cos.," Sklencar says. "We continue to see strong interest in the Southern New Jersey investment market, particularly in the 3M submarket, where we had a record-setting year in 2006."

The sale was completed with the help of a financial package arranged by CBRE|Melody, the details of which were not released. Says Steve Pettit, a VP in the firm's Philadelphia and the Melody broker on the financing transaction, "the Basile Group's financing rates were favorable on the purchase."

For Basile Cos., a Douglassville, PA developer that is primarily involved in the apartment and senior housing businesses, an upgrade is in the works for their latest acquisition. The plan calls for lighting and landscape enhancements and improvements to the parking and common areas, say company officials.

"The financing includes capital to renovate and improve the buildings," CBRE|Melody's Pettit confirms. "Basile plans on actively managing and upgrading the buildings to meet the market's performance. Greentree Place is 75% occupied and the market is at a 10% vacancy rate."