Veritas RE Acquires Pair of Philly-Area Office Buildings
- Jun 04, 2018
In an off-market deal, Veritas Real Estate has acquired from Tequesta Properties One Greentree Centre and Two Greentree Centre, two Class A office buildings in Marlton, N.J. The new ownership plans to upgrade the assets, which comprise 55,997 square feet and 56,075 square feet, respectively.
Located at 10000 Lincoln Drive E. and 9000 Lincoln Drive E., in the immediate proximity of major roads such as Route 73, New Jersey Turnpike and Interstate 295, the assets are close to banks, retailers, eateries, a fitness center and entertainment options. Center City Philadelphia and Philadelphia International Airport are within a 20-minute distance and New York City is 90 minutes away.
According to Yardi Matrix, the three-story properties completed in 1986 underwent renovations in 2016. The buildings feature a shared courtyard, 280 parking spaces and energy-efficient rooftop solar panels. While One Greentree is fully leased, the other building is 83.6 percent occupied and offers a 4,120 square-foot ground-floor vacancy as well as 5,065 square feet on the third floor.
Vantage Real Estate Services Founder & Managing Principal Leor Hemo brokered the transaction on behalf of both parties, along with Tequesta Properties’ Chris Bierbach and Veritas Real Estate Founder & Principal Rick Schwartz. Vantage is also handling leasing services for the property.
”VRI (a Veritas Real Estate subsidiary) is constantly looking for opportunities to continually increase our presence in the South Jersey region and Philadelphia. Vantage presented us with this opportunity of two well-located and maintained assets which complement our existing portfolio and execution strategy,” Schwartz said in a prepared statement.
One Greentree Centre and Two Greentree Centre previously traded in 2011, public records show. Tequesta acquired them from Brandywine Realty Trust.
Image courtesy of Yardi Matrix