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MARLTON, NJ-The three-building, 10-acre Greentree Place office park has been sold to the Basile Cos. The buildings, located at 7, 9 and 11 Eves Dr., total 77,822 sf, and the sale price of $9.05 million translates to about $116 per sf. The seller was Greentree Office Park LLC, a local group headed by businessman Ron DePietro of Haddonfield.

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

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