By Linda Moss CoStar News
A New Jersey office portfolio with defense contractor Lockheed Martin as the main tenant has traded for $51 million, about $16 million more than it was purchased for last fall.
Regal Ventures, a real estate investment firm headquartered in New York City, on Thursday said it sold the group of five buildings, which totals 398,460 square feet, in Mount Laurel to Top Terraces, which is based in Santa Monica, California.
Regal Ventures, formerly known as Regal Acquisitions, had purchased the properties in September last year for $35 million, with joint-venture limited partner JDI Realty of Chicago. In a statement, Regal said it primarily attributed its ability to boost the portfolio's value "to the extension of existing leases with its tenants, as well as the removal of termination options."
Four of the buildings in Mount Laurel, which is about 20 miles east of downtown Philadelphia, are occupied by the Rotary and Mission Systems practice of Lockheed Martin. The company, based in Bethesda, Maryland, was ranked as America's largest defense contractor in 2021 by Bloomberg Government.
Each of the five properties is 79,692 square feet. The four buildings occupied by Lockheed Martin are 760, 770, 780 and 790 Centerton Road. The fifth one, 750 Centerton Road, is vacant.
"Regal Ventures quickly formed a solid working relationship with Lockheed Martin's lease management team," Alex Smith, co-managing partner of the firm, said in a statement. "Together, we agreed to lease modifications that enhanced the properties' overall value and elevated their appeal to prospective buyers."
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