JV Sells Two Prime NJ Office Assets
- Jun 16, 2017
A joint venture between Somerset Properties and Greenfield Partners LLC has sold two Class A office buildings in Marlton, N.J. The buyer was Villa Chapman Apartments LLC, which was represented by Colliers senior vice presidents Evan Zweben and Ian Richman. The sellers were represented in-house. The new owner retained Colliers to handle the leasing of the properties, replacing Wolf Commercial Real Estate.
Well-positioned premier assets
Located at 400 and 406 Lippincott Drive within the South Crossing Office Complex, the buildings are situated close to Interstate 295 and the New Jersey Turnpike entrances. 400 Lippincott Drive is a 40,000-square-foot building constructed in 1999. The other asset was built in 1990 and comprises 40,218 square feet.
“The former owner, Somerset Properties and Greenfield, did an outstanding job maintaining the buildings and bringing quality tenants to the portfolio,” Zweben said in a prepared statement. “We have availabilities ranging from 2,500 to 10,000 square feet—all have excellent window lines, share beautiful common lobbies (Building 400) and direct access (Building 406).”
Neighboring amenities include retailers located within the Promenade, Marlton Crossing, Meadows Edge and Marlton Square, as well as restaurants, Carrefour park and hospitals. Notable tenants include Citizens Bank, Advocare, South Jersey Fertility Center and the General Services Administration.
According to PropertyShark, the building last traded in 2014, when the joint venture purchased it from Liberty Property Trust as part of a larger portfolio transaction.
Image courtesy of Somerset Properties