Holliday Fenoglio Fowler, L.P. (HFF) announces the $31.4 million sale and $24.275 million financing of a four-property office portfolio totaling 304,732 square feet in the communities of Mount Laurel and Marlton, New Jersey.
The HFF team represented the seller, Somerset Properties, and procured the buyer, Mobius. Additionally, the HFF team worked on behalf of Mobius to secure the 10-year, fixed-rate acquisition loan through Wells Fargo Bank.
The portfolio comprises Marlton Executive Park I and II located at 701A and 701C Route 73 South in Marlton, and Horizon Corporate Center located four miles away at 3000 Atrium Way and 2000 Crawford Place in Mount Laurel. All of the properties in the portfolio have superior vehicular access to Route 70, Interstate 295 and the New Jersey Turnpike connecting the properties to Southern New Jersey, Philadelphia and New York City. Additionally, the portfolio is within a 30-minute drive of Philadelphia Airport and within a 10-minute drive of the PATCO rail line. Overall, the properties are 94 percent leased to tenants, including Liberty Mutual, TD Bank, Virtua, and the GSA.
The HFF investment advisory team consisted of senior managing director Doug Rodio and managing director Brett Segal.
HFF’s debt placement team included managing director Ryan Ade and director Neil Campbell.
HFF and Holliday GP Corp. ("HFF") are licensed New Jersey real estate brokers.
About Somerset Properties
Somerset Properties ( www.somprop.com ) is a Philadelphia based full-service real estate firm that owns and operates 6.5 million square feet of commercial real estate properties in the eastern United States. Somerset Properties has been delivering first-class real estate services to its clients and above market returns to its investors for over 30 years.
About Mobius
The sole principal of Mobius has owned and renovated nearly 10,000 multi-family units over the past two decades. This purchase marks the organization’s first foray into the office sector. It’s part of a broader redirection of the organization, which is seeking to purchase an additional $100M+ of office product before year end in the state of New Jersey. Mobius is particularly targeting the New Jersey market because of its favorable energy incentives. It is a values-based organization that gives the majority of its profits to charity, as well as minimizes the carbon footprint of its buildings. You’ll recognize their properties by the solar panels out front, energy saving features inside, and great plant-based options in their cafeterias. Mobius is commissioning CBRE to manage the properties and retaining Somerset to oversee the leasing. For more information, please see their website at Mobius.life.
About HFF
HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform, including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.
