Sale of 10 +/- acres Mixed Use Land Development
5000-7000 Midlantic Drive, Mt. Laurel, NJ 08054
Property Type: Mixed Use Land Development (Hotel and Retail)
Site Size: 10 +/- acres
Seller: Brandywine Realty Trust
Broker: Jeffrey Lucas, Director of Business Development
This ten-acre site on Route 38 near Exit 40 of I-295 was originally approved for a 4-story, 110,000 sf office building. It remained vacant through three different developers due to the difficult economics of building a new suburban office building.
Using our Circles for Success approach Jeffrey Lucas of Rose Commercial Real Estate looked for alternative uses that would make a successful project. Specifically he evaluated what fit on the site, what the market would support and what government would approve. The 4-story office building that required 550 parking spaces evolved and became a 4-story hotel with 150 parking spaces. By reducing the parking allotment, there was space for a one story restaurant complex with four (4) complimentary venues.
The one-time undesirable development site with newly revised plans became a sought after property with two different hotel developers and eight (8) others competing for the site.
Rose Commercial Real Estate is a full service commercial real estate firm, specializing in all facets of the industry ~ representing buyers and sellers, landlords and tenants as well as investors both big and small. Key to our growth is experience combined with in depth understanding of the South Jersey real estate market. But that alone is only a part of the comprehensive service we provide clients. With our unique CIRCLES FOR SUCCESS and start-to-finish commitment, we make things happen.