Four Springs Capital Trust, a private real estate investment trust, purchased a single-tenant office building in Mt. Laurel, NJ for $19.4 million.
Built in 2001, the 87,460-square-foot property houses the Southern New Jersey operations of Blue Cross Blue Shield of New Jersey, the state’s largest health insurance company, serving approximately 3.8 million members. The building is located within close proximity to the New Jersey Turnpike, Interstate 295, and is less than 20 miles from Philadelphia.
“This high quality, strategically important property is an attractive addition to our diversified portfolio of single-tenant net leased industrial, retail, and healthcare properties. This transaction is a product of our disciplined investment approach and demonstrates our increasing ability and desire to execute on transactions of this size,” said Jared Morgan, senior vice president, head of acquisitions at Four Springs Capital Trust.
Cindy Daly, director of acquisitions, added, “The compelling real estate fundamentals of this property, together with its strong demographics and convenient access to highways and retail amenities, are consistent with our rigorous acquisition criteria.”
Four Springs Capital Trust is a private real estate investment trust focused on acquiring a diversified portfolio of retail, industrial/warehouse and healthcare properties net leased to investment grade and other creditworthy tenants under long-term leases. The REIT’s portfolio is now comprised of 44 properties in 20 states leased to 22 tenants located.