JLL Capital Markets on Tuesday said it closed the $11.05 million sale of The Mount Laurel Office Center for Pennmark Properties to a private investor.
The 83,216-square-foot office portfolio is located at 530, 532 and 534 Fellowship Road. It is 100 percent leased to six tenants and is anchored by the various uses of the U.S. Government’s General Services Administration (GSA), representing 64 percent of the rentable square footage.
The property has visibility from Route 73 and access to many of the area’s primary thoroughfares, including Routes 38 and 70, Interstate 295 and the New Jersey Turnpike.
The asset is surrounded by an amenity-rich submarket highlighted by The Moorestown Mall, numerous restaurant and retail destinations as well as the desirable residential communities of Marlton, Cherry Hill and Medford.
The JLL Capital Markets team representing the seller was led by Managing Director Brett Segal; Senior Managing Director Doug Rodio; and Managing Director Brett Grifo.