Somerset Properties, a Philadelphia-based, full-service real estate firm, sold an office portfolio comprised of Marlton Executive Park I and II in Marlton, NJ, as well as the two-building Horizon Corporate Center in Mount Laurel, NJ.
Mobius, an owner and developer of multifamily properties, acquired the portfolio for $31.4 million, or about $103 per square foot.
Marlton Executive Park is located at 701A and 701C Route 73 in Marlton. Horizon Corporate Center is located only four miles away at 3000 Atrium Way and 2000 Crawford Pl. in Mount Laurel. The deal totals 304,763 square feet, with individual buildings ranging between 27,813 and 108,416 square feet. The portfolio features access to Route 70, I-295 and the New Jersey Turnpike.
The buyer financed the acquisition in-part with a new $24.28 million mortgage from Wells Fargo Bank. Ryan Ade and Neil Campbell with Holliday Fenoglio Fowler (HFF) LP's debt placement team arranged the financing on behalf of the borrower.
www.omegare.com
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