{"id":1004180803,"date":"2017-06-16T05:18:33","date_gmt":"2017-06-16T13:18:33","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004180803"},"modified":"2021-05-14T23:22:43","modified_gmt":"2021-05-15T07:22:43","slug":"jv-sells-two-prime-nj-office-assets","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/jv-sells-two-prime-nj-office-assets\/","title":{"rendered":"JV Sells Two Prime NJ Office Assets"},"content":{"rendered":"<p>By Corina Stef<\/p>\n<div id=\"attachment_1004180805\" style=\"width: 358px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/06\/Webp.net-resizeimage.png\" target=\"_blank\" rel=\"noopener noreferrer\"><img decoding=\"async\" aria-describedby=\"caption-attachment-1004180805\" data-attachment-id=\"1004180805\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/jv-sells-two-prime-nj-office-assets\/webp-net-resizeimage-15\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/06\/Webp.net-resizeimage.png\" data-orig-size=\"800,600\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"406 Lippincott Drive, Marlton, N.J.\" data-image-description=\"&lt;p&gt;406 Lippincott Drive, Marlton, N.J.&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;406 Lippincott Drive, Marlton, N.J.&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/06\/Webp.net-resizeimage.png?w=800\" loading=\"lazy\" class=\"wp-image-1004180805\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/06\/Webp.net-resizeimage.png\" alt=\"406 Lippincott Drive, Marlton, N.J.\" width=\"348\" height=\"261\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/06\/Webp.net-resizeimage.png 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/06\/Webp.net-resizeimage.png?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/06\/Webp.net-resizeimage.png?resize=768,576 768w\" sizes=\"auto, (max-width: 348px) 100vw, 348px\" \/><\/a><p id=\"caption-attachment-1004180805\" class=\"wp-caption-text\">406 Lippincott Drive, Marlton, N.J.<\/p><\/div>\n<p>A joint venture between Somerset Properties and Greenfield Partners LLC has sold two Class A office buildings in Marlton, N.J. The buyer was Villa Chapman Apartments LLC, which was represented by Colliers senior vice presidents Evan Zweben and Ian Richman. The sellers were represented in-house. The new owner retained Colliers to handle the leasing of the properties, replacing\u00a0<a href=\"https:\/\/www.commercialsearch.com\/news\/wcre-appointed-exclusive-agent-of-nj-medical-portfolio\/\">Wolf Commercial Real Estate<\/a>.\u00a0<\/p>\n<h2>Well-positioned premier assets<\/h2>\n<p>Located at 400 and 406 Lippincott Drive within the South Crossing Office Complex, the buildings are situated close to Interstate 295 and the New Jersey Turnpike entrances. 400 Lippincott Drive is a 40,000-square-foot building constructed in 1999. The other asset was built in 1990 and comprises 40,218 square feet.<\/p>\n<p>\u201c<em>The former owner, Somerset Properties and Greenfield, did an outstanding job maintaining the buildings and bringing quality tenants to the portfolio,<\/em>\u201d Zweben said in a prepared statement. \u201c<em>We have availabilities ranging from 2,500 to\u00a010,000 square feet\u2014all have excellent window lines, share beautiful common lobbies (Building 400) and direct access (Building 406).<\/em>\u201d<\/p>\n<p>Neighboring amenities include retailers located within the Promenade, Marlton Crossing, Meadows Edge and Marlton Square, as well as restaurants, Carrefour park and hospitals. Notable tenants include Citizens Bank, Advocare, South Jersey Fertility Center and the General Services Administration.<\/p>\n<p>According to PropertyShark, the building last traded in 2014, when the joint venture purchased it from Liberty Property Trust as part of a larger portfolio transaction.<\/p>\n<p><em>Image courtesy of Somerset Properties<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Somerset Properties and Greenfield Partners LLC selected Colliers as the exclusive agent for the disposition of 400 and 406 Lippincott Drive in Marlton, N.J. The two Class A office buildings total more than 80,000 square feet. <\/p>\n","protected":false},"author":241,"featured_media":1004180805,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21783,1600,21742,10,21747],"tags":[32763,36212,36213],"class_list":["post-1004180803","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-investment","category-new-york","category-latest","category-northeast","category-office","tag-colliers-international","tag-greenfield-partners","tag-somerset-properties"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>JV Sells Two Prime NJ Office Assets - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/jv-sells-two-prime-nj-office-assets\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"JV Sells Two Prime NJ Office Assets\" \/>\n<meta property=\"og:description\" content=\"Somerset Properties and Greenfield Partners LLC selected Colliers as the exclusive agent for the disposition of 400 and 406 Lippincott Drive in Marlton, N.J. 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