A multi-tenant Marlton office building with premier access to Route 73 was sold at the South Crossing office park.
WCRE said Nov. 17 it exclusively represented Villa Chapman Apartments LLC in the sale of 400 Lippincott Drive to the buyer, 400 Lippincott Drive LLC, an affiliate of Cherry Hill-based Needleman Management.
Financial term were not disclosed.
WCRE Executive Vice President Evan Zweben exclusively represented the seller in this transaction. According to the firm, it adds to its growing number of successful investment and 1031 transactions in the region.
“From helping me purchase both 400 and 406 Lippincott, leasing up vacancies and retaining existing tenants, to selling the 406 building and now the 400 building, Evan has provided sound advice, helping me to maximize my investment,” the former building owner, a local, private investor, said in a statement. “He guided me through each discussion with clear direction, always pointing out the pros and cons associated with each decision.”
Villa Chapman Apartments purchased 400 and 406 Lippincott from Somerset Properties for $7.55 million in 2017.
Current tenants at the property include Citizens Bank, Axia Health’s South Jersey Fertility and The Center for Mindful Health & Acupuncture.
“400 Lippincott is a great asset that has been very well maintained by the prior owner, and we are very happy to be the new owner of this very attractive and well-located building,” Needleman Management President David Cohen said. “Every real estate transaction is made up of multiple people that need to be managed and innumerable details that need to be gathered and organized. Managing people and managing information are two very different tasks, and Evan did a great job handling both.”
Needleman Management owns and manages approximately 2 million square feet of commercial office space in South Jersey.
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