Case Studies / 20 E. Clementon Road, Gibbsboro, NJ

Case Study

20 E. Clementon Road, Gibbsboro, NJ

Property Overview

Located within the Paintworks Corporate Center in Gibbsboro, New Jersey, this three-story, midrise office building was built in 1989. The 38,260 SF site sits on 1.50 acres with 200 on-site parking spaces and many sought after amenities, such as newly renovated common area and restrooms. Additional building highlights include an on-site day porter and maintenance technician, first class management systems and fiber optic connectivity. Situated in close proximity to the Voorhees Town Center, Target, The Chophouse and other multiple stores and restaurants.

Background

• Acquisition Date: June 2018
• Acquisition Purchase Price: $2,000,000.
• Total Equity Raised: $875,000.
• In-Place Occupancy Rate: 80% (at time of purchase)

Property Improvements

• SFA Capital Investment: $500,000.
• Highlighted Interior Improvements:
• Renovated lobby and restrooms
• New smart tenant building directories
• New energy efficient devices
• Varied tenant-specific fit outs
• Highlighted Exterior Improvements:
• New building signage
• Redesigned landscaping
• Highlighted Leasing:
• Expanded and renewed largest tenant lease for multiple years

Results

• Capital Improvements: Completed May 2019
• Occupancy Rate: Increased from 80% (June 2018) to 100% (May 2019) with a combination of expansion and renewal
• Property Appraisal: $4,150,000. Valuation (April 2018)
• Capital Return on Investment: 93% to Investors in 18 Months