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56,499-SF Office Changes Hands for $8M

VOORHEES, NJ-North Jersey's Ironstone Village acquires the South Jersey property at 1020 Laurel Oak Rd. from CD Realty Advisors.

By Eric Peterson | Updated on April 11, 2008

VOORHEES, NJ-The 56,499-sf office building at 1020 Laurel Oak Rd. in this Camden County township in South Jersey has been sold for just less than $8 million, which factors out to about $141 per sf. The seller was the Marlton, NJ-based CD Realty Advisors, a real estate investment firm that owns and manages a regional portfolio of about two million sf in four states. The new owner of the asset is from North Jersey: Ironstone Village LLC of Fairfield, a private investor.

Ironstone Village bought the property as part of a 1031 tax-free exchange. “This was an ideal investment opportunity for a private investor with a 1031 requirement,” says Michael Blunt, SVP with CB Richard Ellis’ Philadelphia Regional Investment Property Institutional Group, who orchestrated the deal along with EVPs Michael Hines and Robert Fahey.

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