The deal was brokered on behalf of the ownership, the Buccini/Pollin Group of Wilmington, DE, by Anne Klein, a senior vice president in the Marlton office of Grubb & Ellis. The aggregate value of the long-term lease is "in excess of $17 million," according to Klein. Further details were not released.
As reported by GlobeSt.com, the Buccini/Pollin Group bought the asset just this past November, picking it up from Brandywine Realty Trust for $17.6 million, or approximately $105 per sf. When that deal closed, the two-building complex was about 70% leased, and the Camden County signing brings the asset to full occupancy.
"We made a lot of progress in such a short period of time," Klein says. "Being able to help the ownership have success in their most recent acquisition in Southern New Jersey is something to be proud of."
"The entire group involved in both sides of the transaction, including the attorneys, brokers and country representatives, worked very well to finalize a 70,000-sf lease in record time," says Ina Sargen, vice president of leasing for Buccini/Pollin.
After the acquisition, Buccini/Pollin launched a renovation of the assets' common areas, an effort that is expected to be completed later this year.
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