NEW JERSEY—Keystone Property Group has purchased Moorestown Corporate Center on Strawbridge Drive in Moorestown from Mack-Cali Realty Corporation. The three-building property changed hands for an approximate purchase price of $19.9 million.
Mack-Cali was represented in the transaction by Jerome Kranzel, formerly of Jones Lang LaSalle, and Douglas Rodio of Jones Lang LaSalle. Rodio also represented the buyer in the transaction.
Currently more than 61 percent leased, the center was constructed in 1983 and totals 222,258 sq. ft. of space.
The center includes:
• 224 Strawbridge Drive, a 74,000-sq.-ft. multi-tenant building;
• 228 Strawbridge Drive, a 74,565-sq.-ft. single-tenant building that is fully occupied by Shaw Environmental; and
• 232 Strawbridge Drive, a 74,258-sq.-ft. multi-tenant building currently offering two full floors of 24,000 sq. ft. each available for lease.
Keystone has plans to upgrade the buildings.