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Triple Net Pays Record Amount for 50 Lake Center

MARLTON, NJ–The price has not been disclosed for the Opus East construction, but it's a record per sf for a South Jersey investment sale according to area sources.

By Sean Ryan | Updated on December 27, 2006

MARLTON, NJ-The 88,793-sf building at 50 Lake Center, which recently finished construction by developer Opus East, has been sold to California-based Triple Net Properties. The building in the Lake Center Executive Park, also known as Lake Center V, is 100% leased by Virtua Health and Paychex. The sale price has not been disclosed, but a broker with Grubb & Ellis claims is it a record price per sf for an investment sale in South Jersey.

In May, a similar sale occurred when Triple Net bought the 93%-occupied 40 Lake Center, sister to the just sold building, from the Washington, DC-based Opus East. As reported by GlobeSt.com, the price for that sale was $19.8 million, or $223 per sf. Grubb brokered that deal as well, and also happens to have its Marlton office located in the building.

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