Newmark arranges sale % financing of class A office portfolio, Moorestown Corporate Center

Moorestown, NJ — Newmark has arranged the sale of Moorestown Corporate Center, a three-building, 222,888 s/f class A office portfolio in Moorestown. Keystone sold the asset to an affiliate of Melrose Solomon Enterprises for $17.6 million. Newmark senior managing director David Dolan, associate Angelo Brutico, and executive managing director Anne Klein facilitated the sale on behalf of the seller. Newmark executive managing director Stephen Comly and assistant vice president Eric DeStefano arranged financing on behalf of the buyer.

“The portfolio features a rent roll of five high-quality, long-term tenants with stable cash flow and provides new ownership exceptional upside through the lease-up of the remaining available office space,” said Brutico. “We had the pleasure of working with both seller and buyer to bring this transaction to a successful outcome.”

Moorestown Corporate Center, located at 224, 228, and 232 Strawbridge Dr., sits just off Route 38 and Fellowship Road in Moorestown. The property benefits from quick access to major highways, including Interstate 295 and the New Jersey Turnpike (Interstate 95). It is surrounded by an abundance of retail and entertainment amenities, just over a mile away from the Moorestown Mall. The three-building portfolio features multi-story panoramic atriums, a common café and outdoor seating area, and a brand-new fitness center. Set on 16.18 acres, the property is just 13 miles from Philadelphia and 90 minutes from New York City.

“We’ve worked hard to modernize and reposition Moorestown Corporate Center over the years,” said Randy Johnson, regional director at Keystone, “and we’re pleased to complete this transaction with a buyer who shares our commitment to long-term value and a high-quality tenant experience.”

Melrose Solomon is a real estate investment firm with office, retail, and industrial properties in the Midwest, Mid-Atlantic, and Southeast. With a disciplined value buying strategy, they have built their real estate portfolio to over 2 million square feet over the last decade.