Regal Ventures, a real estate investment firm headquartered in New York City, has sold a five-parcel portfolio of office buildings in Mt. Laurel, NJ for $51 million. Mt. Laurel is situated approximately 20 miles east of downtown Philadelphia.
The New York-based company, formerly known as Regal Acquisitions, had purchased the properties in September 2021 for $35 million.
The company primarily attributed its ability to substantially boost the portfolio’s value to the extension of existing leases with its tenants, as well as the removal of termination options.
Four of the buildings are occupied by the Rotary and Mission Systems practice of Lockheed Martin, an aerospace, defense, information security and technology company with worldwide interests. The company was ranked as America’s largest defense contractor in 2021 by
“Regal Ventures quickly formed a solid working relationship with Lockheed Martin’s lease management team,” said Alex Smith, co-managing partnerof Regal Ventures. “Together, we agreed to lease modifications that enhanced the properties’ overall value and elevated their appeal to prospective buyers.”
“We had initially pinpointed this portfolio as an undervalued asset amid a market troubled by the pandemic,” said Joey Cohen, co-managing partner of Regal Ventures. “Regal Ventures had leveraged our sourcing capabilities to help identify this asset. We apply our data-driven processes to spot compelling, contrarian opportunities like this.”
Regal Ventures’s joint venture limited partner in the ownership of the portfolio was Chicago-based JDI Realty.
The portfolio was purchased by Top Terraces, Inc. based in Santa Monica, CA.
Each of the five properties measures 79,692 square feet in size. The addresses of the four occupied buildings are 760, 770, 780 and 790 Centerton Road. 750 Centerton Road is vacant.
The portfolio had been marketed by The Boulder Group of Wilmette, IL under the leadership of president Randy Blankstein. The Boulder Group is a boutique real estate investment service firm specializing in single tenant net lease properties.
About Regal Ventures
Regal Ventures, previously known as Regal Acquisitions, is a privately held real estate investment firm based in New York City. Its portfolio of properties has included retail, office, hospitality and industrial assets. Under the leadership of partners Joey Cohen, Alex Smith and Sean Dainese, the company has been expanding its investor base and has also been growing its portfolio both within New York and in other major American markets. Adopting a data-driven approach, the company deploys its technological resources to identify contrarian investment opportunities that deliver capital appreciation and preservation for its partners. Targeted investors include high-net-worth individuals, private equity firms and institutional investors.