Grubb & Ellis Realty Investors acquired the four-year-old asset in May 2006 on behalf of a group of tenant-in-common investors and continues to manage the property on behalf of that group. Ownership was represented in the signing by Anne Klein, senior vice president, and senior associate Joe Sklencar Sr. of the local office of Grubb & Ellis. Further details were not released, but comparable class A space in the surrounding 19-acre, multi-building Lake Center Executive Park is generally listed with an asking price in the $15.50 per square foot range.

"The space became available when the mortgage lending company that had previously occupied it was dissolved," says Kent Peters, executive vice president of asset management for Grubb & Ellis Realty Advisors. "We were able to backfill the space quickly with high-quality tenants, and we couldn't be more pleased with the results."

"When we learned that the space was being vacated, we began to contact every decision-maker in the marketplace," Klein says. "We wanted to make sure that we saw all of the large deals taking place that we could become involved with."

Located along Route 73 North in this Burlington County community, Lake Center IV occupies eight acres within the 19-acre park. It was completed in 2004 by Opus East, which continues to own the surrounding park.