Real estate brokerage firm Holliday Fenoglio Fowler announced yesterday it has brokered the sale of a 26-building, 1.2 million-square-foot office flex portfolio in Moorestown and Burlington townships.
HFF’s senior managing directors Jose Cruz and Doug Rodio, and managing directors Brett Segal and Kevin O’Hearn, represented the seller, Mack-Cali, in the transaction.
Brennan Investment Group purchased the portfolio free of any mortgage financing.
“The portfolio comprises 24 buildings in Moorestown and two buildings in Burlington Township that are 91 percent leased overall,” HFF said in a news release. “Tenants include businesses in health care services, pharmaceutical/clinical packaging and medical supplies. The properties are situated within two of the area’s top business parks near the Pennsylvania/New Jersey border. This location has easy access to the area’s primary thoroughfares, including Interstates 295, 195, 95 and 276 and Routes 130, 206, 70 and 38.
“Additionally, the portfolio is located within 20 miles of the Philadelphia International Airport and within 10 miles of the Philadelphia Regional Port.”
Cruz said the portfolio had a significant amount of interest for its size and potential.
Financial terms for the transaction were not disclosed.