NEW YORK--(BUSINESS WIRE)--Zamir Equities has successfully completed the acquisition of 1120 Executive Plaza (1120 Route 73, Mount Laurel, NJ).
“Our greatest challenge with 1120 Executive Plaza was that one of our largest tenant’s lease covered one third of the gross leasable area, and expired within 10 months,” explained Asher Zamir, Founder and Chairman, Zamir Equities. “Prior to closing, we strategically signed two new leases, replacing 60% of the expiring square footage, while simultaneously negotiating a renewal of the remaining suites with the existing tenant. This is another example of a win-win scenario achieved by our expert Zamir Equities team.”
1120 Executive Plaza is a 95,488 square foot institutionally maintained, four-story office building constructed in 1987, and fully renovated in 2011. Located at the crossroads of Route 73, the New Jersey Turnpike and Interstate-295, 1120 Executive Plaza is the premier multi-tenanted office building in Mount Laurel. Executive Plaza is fully occupied and anchored by Association Headquarters and Allianz Life Insurance.
1120 Executive Plaza is located in one of the most accessible locations in Southern New Jersey. 1120 Executive Plaza is situated at a highly trafficked location on Route 73, a major, six-lane roadway that boasts a daily traffic count of over 64,000 vehicles. The New Jersey Turnpike entrance is within 700 feet of 1120 Executive Plaza, while Interstate 295 is one-quarter mile away, providing excellent regional access.
Association Headquarters and Allianz Life Insurance are the two anchor tenants of 1120 Executive Plaza and between them occupy over 50% of the building. Association Headquarters is a long-term, dynamic tenant, with a lease through January 2027. Association Headquarters began occupying its modern, open and efficient space in August of 2014. Allianz Life Insurance occupies its space through 2021 and is an investment grade tenant (AA) as rated by S&P.
"1120 Executive Plaza fits perfectly in our finely tuned portfolio,” said Mr. Zamir. “We come to each of our properties with a very specific investment strategy, which, ultimately, results in significant growth, improvements to the property, and a respectable return on investment."
About Zamir Equities
Founded by Asher Zamir in 2003, Zamir Equities is a privately held New York City-based, integrated real estate private equity firm. Currently, Zamir Equities owns and manages cumulative properties in excess of $260 million, and 1.4 million square feet. Recognized for their astute acquisition proficiency, along with unparalleled real estate management, leasing and marketing experience, Zamir Equities specializes in risk-adjusted market returns in both undervalued and stabilized real estate assets. Zamir Equities owns and maintains its corporate offices at 587 Fifth Avenue, a magnificent almost 100-year-old, 10-story, 43,000 square foot office building in the heart of midtown Manhattan.