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224 Strawbridge Dr, Moorestown, NJ 228 Strawbridge Dr, Moorestown, NJ 232 Strawbridge Dr, Moorestown, NJ
Moorestown Corporate Center
Asset ClassOffice
# Buildings: 3Occupancy: 72%# Tenants: 5Access Data Room
overview of deal

Overview

Newmark (NMRK), as exclusive representative, is pleased to present the opportunity to acquire Moorestown Corporate Center, a 222,888 square foot Class A three- building office portfolio located in one of suburban Philadelphia’s most desirable locations. The portfolio is 72% leased to a well-diversified rent roll featuring a weighted average lease term of 6.61 years.

 

This offering represents a rare opportunity to acquire a highly amenitized, long- term leased, Class A three-building portfolio which includes substantial value- add upside. A new owner will have the opportunity to increase, the already significant, net operating income through new leasing.

 

Located just off Route 38 and Fellowship Road in Moorestown, New Jersey, the Property benefits from exceptional access to major highways such as Interstate-295 and the New Jersey Turnpike (Interstate 95). The Property is also surrounded by a great abundance of retail and entertainment amenities, located just over a mile away from the Moorestown Mall.

 

Two of the Three Buildings at Moorestown Corporate Center are occupied by long- term tenants. 228 Strawbridge Drive is the headquarters for AnewHealth (formerly Tabula Rasa Healthcare), a pharmaceutical technology company. 232 Strawbridge Drive is home to Berkley Insurance Company, an industry leader founded in 1967 with annual revenues exceeding $12B.

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Investment Highlights

LONG TERM LEASED TO ANEWHEALTH & BERKLEY INSURANCE COMPANY

  • AnewHealth (formerly Tabula Rasa Healthcare) is an industry leader in pharmaceutical healthcare technology. AnewHealth occupies the entire 228 Strawbridge Drive building and recently expanded their footprint into the 224 Strawbridge Drive building.
  • Berkley Insurance Company relocated to 232 Strawbridge Drive in July 2024 and committed to an eleven (11) year lease through February 2035. Berkley Insurance Company features an A+ S&P credit rating and an A+ (Superior) A.M. Best credit rating.

NO LEASE EXPIRATIONS UNTIL MAY 2026

  • The Portfolio is currently 72% leased to five (5) long-term, stable tenants - demonstrated by an exceptional weighted average lease term of 6.61 Years.

IMMEDIATE RISK-ADJUSTED RETURNS

  • The highly stabilized nature of the asset dovetails with its in place, cash on cash returns. Investors can realize immediate risk-adjusted returns on their required acquisition capital.

HIGH END INTERIOR FINISHES AND EXTERIOR DESIGN

  • Each building features exceptional window lines, modern lobbies with a three- story atrium, and an open floor configuration with exposed ceilings.

BRAND NEW TENANT AMENITIES

  • The 232 Strawbridge Drive Building includes a large fitness center and a full cafe with modern indoor and outdoor seating available to all tenants.
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224 Strawbridge DrMoorestown, NJ 08057

Newmark Philadelphia Capital Markets

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Listing provided by Revere CRE