Dealmaker: Regal Ventures Sells 5-Parcel N.J. Portfolio for $51M

Regal Ventures, New York, sold a five-parcel portfolio of office buildings in Mt. Laurel, N.J., for $51 million.

Regal Ventures had purchased the properties in September 2021 for $35 million. The portfolio was purchased by Top Terraces Inc., Santa Monica, Calif. It was marketed by The Boulder Group, Wilmette, Ill. Regal Ventures’s joint venture limited partner in the ownership of the portfolio was Chicago-based JDI Realty.

Each of the five properties measures 79,692 square feet. 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 addresses of the four occupied buildings are 760, 770, 780 and 790 Centerton Road. 750 Centerton Road is vacant.

Regal Co-Managing Partner Alex Smith attributed the company’s ability to boost the portfolio’s value to the extension of existing leases with its tenants, as well as the removal of termination options. “Regal Ventures quickly formed a solid working relationship with Lockheed Martin’s lease management team,” he said. “Together, we agreed to lease modifications that enhanced the properties’ overall value and elevated their appeal to prospective buyers.”

Mt. Laurel is situated 20 miles east of downtown Philadelphia.