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Value-Add Office with In-Place Rental Income 190 N Evergreen Ave 40,039 SF 38% Leased Office Building Online Auction Sale Woodbury, NJ 08096
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Investment Highlights
- Lakeside Professional Campus offers 40,039 SF on 3.26 acres with ±38% occupancy, combining in-place cash flow and strong value-add upside.
- Evergreen Avenue frontage delivers visibility to 12,500+ vehicles daily, with easy access to I-295, Route 45, and the NJ Turnpike.
- Diverse and performing tenant mix across healthcare, agriculture, education, and service sectors provide an internet-resistant operating base.
- Embedded value-add opportunity to transform approximately 15,840 SF of unused area into income-generating rentable space.
- Approximately 24,702 SF is currently vacant and move-in ready, creating the opportunity to increase occupancy and grow rental revenue.
- Favorable market conditions include 4.8% office vacancy, 2.7% annual rent growth, and access to a skilled workforce.
Executive Summary
CBRE has been retained as the exclusive advisor for the sale of Lakeside Professional Campus, a multi-tenant office property located at 190 N. Evergreen Avenue in Woodbury, New Jersey. Discover this incredible opportunity to acquire a well-maintained 40,039-square-foot professional office asset situated on 3.26 acres on the shores of Stewart Lake in Gloucester County. Currently ±38% occupied, the waterfront property offers immediate in-place rental income alongside 24,702 square feet of vacant space, creating a compelling value-add investment opportunity with significant leasing upside. Lakeside Professional Campus consists of three buildings originally constructed in 1965 and 1970 as the Greenbriar Convalescent and Nursing Home before being converted for office use between 1990 and 1995. Two of
the buildings feature two-story sections, and all three offer private suite entrances and lobbies with ample on-site parking. The property maintains a diverse tenant base across healthcare, education, and service-oriented industries, providing a solid foundation while offering significant upside potential for occupancy and revenue growth under new ownership.
Positioned along Evergreen Avenue with visibility to more than 12,500 vehicles per day, Lakeside Professional Campus benefits from exceptional regional accessibility. The property is conveniently located near Interstate 295, Route 45, and the New Jersey Turnpike, while the Walt Whitman Bridge is only 10 minutes away, providing direct access to Philadelphia and Philadelphia International Airport. Nearby demand drivers include Inspira Medical Center, the Gloucester County Courthouse, and the Woodbury train station, placing the asset within a well-established professional and medical corridor in Woodbury, the county seat of Gloucester County.
Lakeside Professional Campus further benefits from strong surrounding market fundamentals. The surrounding office submarket reports just 4.8% vacancy and a construction pipeline that remains below historical averages, limiting future competitive supply. Office rents have increased by an average of 2.7% annually over the past five years, creating a strong backdrop for leasing activity and rental rate growth as occupancy increases. More than 70,000 residents live within a 3-mile radius and earn an average household income exceeding $105,000, generating over $895 million in annual consumer spending. An accessible daytime workforce of more than 33,000 employees further supports office demand, making Lakeside Professional Campus a rare opportunity to acquire a partially leased asset with going-in cash flow, substantial lease-up potential, and exposure to a supply-constrained office market.
Beyond the existing 40,039 square feet of rentable area, the Property contains approximately 15,840 square feet of additional shell space shown on the building plans that is currently excluded from the rentable area calculation. Although the space will require more significant renovation prior to occupancy, it offers investors a substantial embedded value-add opportunity. The ability to potentially convert this currently non-income-producing area into marketable rentable space creates a compelling avenue for future NOI growth.
Property tours are by appointment only. Please contact the listing broker to schedule.
the buildings feature two-story sections, and all three offer private suite entrances and lobbies with ample on-site parking. The property maintains a diverse tenant base across healthcare, education, and service-oriented industries, providing a solid foundation while offering significant upside potential for occupancy and revenue growth under new ownership.
Positioned along Evergreen Avenue with visibility to more than 12,500 vehicles per day, Lakeside Professional Campus benefits from exceptional regional accessibility. The property is conveniently located near Interstate 295, Route 45, and the New Jersey Turnpike, while the Walt Whitman Bridge is only 10 minutes away, providing direct access to Philadelphia and Philadelphia International Airport. Nearby demand drivers include Inspira Medical Center, the Gloucester County Courthouse, and the Woodbury train station, placing the asset within a well-established professional and medical corridor in Woodbury, the county seat of Gloucester County.
Lakeside Professional Campus further benefits from strong surrounding market fundamentals. The surrounding office submarket reports just 4.8% vacancy and a construction pipeline that remains below historical averages, limiting future competitive supply. Office rents have increased by an average of 2.7% annually over the past five years, creating a strong backdrop for leasing activity and rental rate growth as occupancy increases. More than 70,000 residents live within a 3-mile radius and earn an average household income exceeding $105,000, generating over $895 million in annual consumer spending. An accessible daytime workforce of more than 33,000 employees further supports office demand, making Lakeside Professional Campus a rare opportunity to acquire a partially leased asset with going-in cash flow, substantial lease-up potential, and exposure to a supply-constrained office market.
Beyond the existing 40,039 square feet of rentable area, the Property contains approximately 15,840 square feet of additional shell space shown on the building plans that is currently excluded from the rentable area calculation. Although the space will require more significant renovation prior to occupancy, it offers investors a substantial embedded value-add opportunity. The ability to potentially convert this currently non-income-producing area into marketable rentable space creates a compelling avenue for future NOI growth.
Property tours are by appointment only. Please contact the listing broker to schedule.
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Offering Memorandum Click Here to Access
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- Offering Memorandum
- Operating and Financials
- Purchase Agreement
- Title and Insurance
- Property Information
- ALTA Survey
Market Analytics Click Here to Access
Property Facts
Sale Type
Investment
Sale Condition
Auction Sale
Type of Ownership
Fee Simple
Property Type
Office
Building Size
40,039 SF
Building Class
B
Year Built/Renovated
1990/1994
Percent Leased
38%
Tenancy
Multiple
Building Height
2 Stories
Typical Floor Size
20,020 SF
Slab To Slab
10’
Building FAR
0.28
Lot Size
3.26 AC
Parcel Number
22-00162-01-00001
Zoning
R-90
Parking
100 Spaces (2.5 Spaces per 1,000 SF Leased)
Amenities
- 24 Hour Access
- Commuter Rail
- Monument Signage
- Air Conditioning
Fairly walkable
50/100
Exceptionally drivable
100/100
Limited public transit
20/100
Fairly bikeable
40/100
Demographics
Demographics
1 mile
3 mile
5 mile
2025 Population
12,636
70,329
163,311
2020 Population
12,178
68,909
160,863
2030 Population
12,995
72,067
166,961
2025-2030 Projected Population Growth
2.8%
2.5%
2.2%
Daytime Employees
7,815
33,050
77,851
Total Businesses
970
3,272
6,550
Average Household Income
$82,368
$105,009
$109,318
Median Household Income
$64,104
$84,928
$88,328
Total Consumer Spending
$142.4M
$895.4M
$2.1B
Median Age
41.0
42.1
41.6
2025 Households
5,354
28,314
64,912
Percent College Degree or Above
15%
17%
17%
Average Home Value
$253,398
$283,483
$304,710
Sale Advisors
Sale Advisors
Adam Silverman, First Vice President
Adam Silverman serves as First Vice President on CBRE's Investment Sales Team, partnering with Steve Marzullo to focus on investment sales suited to the private arena. Adam brings a wealth of experience in finance, asset management, acquisition and development.
Prior to joining CBRE, Adam was a Director at RAIT Financial Trust, a Philadelphia based mortgage REIT, where he was responsible for originating new bridge and CMBS loans across all major property types. Mr. Silverman also spent six years at Keystone Property Group serving as Vice President of Acquisitions and Portfolio Management where he was responsible for sourcing and executing on office and industrial acquisitions in the Southeast region as well as overseeing his region’s asset management responsibilities. Earlier in his career, Mr. Silverman was a Senior Land Manager for Orleans Homebuilders, Inc., where he handled land acquisitions throughout the Philadelphia tri-state area.
Prior to joining CBRE, Adam was a Director at RAIT Financial Trust, a Philadelphia based mortgage REIT, where he was responsible for originating new bridge and CMBS loans across all major property types. Mr. Silverman also spent six years at Keystone Property Group serving as Vice President of Acquisitions and Portfolio Management where he was responsible for sourcing and executing on office and industrial acquisitions in the Southeast region as well as overseeing his region’s asset management responsibilities. Earlier in his career, Mr. Silverman was a Senior Land Manager for Orleans Homebuilders, Inc., where he handled land acquisitions throughout the Philadelphia tri-state area.
Stephen Marzullo, Senior Vice President
Stephen Marzullo has been working in commercial real estate for over 30 years, beginning his career in real estate brokerage as Vice President of the Investment Services Group of Grubb & Ellis Company. As one of the company’s national top producers, Steve received the Circle of Excellence Award within the first two years of his career. After 7 years, Steve joined Trammell Crow Company (TCC) as Senior Vice President to build and lead its Capital Markets Group in the Philadelphia Region. Through the acquisition of TCC in 2006, he joined CBRE as Senior Vice President in the Capital Markets Group and now leads Investment Properties Philadelphia Commercial along with his partner, Adam Silverman. The team has exclusively represented private and institutional clients in the acquisition and disposition of more than $2 billion of commercial real estate.
Steve is a Philadelphia area native and is an alumnus of Villanova University where he received a Bachelor’s of Science in Accountancy. Outside of work Steve is passionate about his family and community. He serves as Chairman of the Board of the Bucks County Industrial Development Authority, Bucks County’s lead economic development agency. He is also President of the Board of the Bucks County Housing Development Corporation, a non-profit 501 (C) (3) corporation, with a mission to provide affordable housing opportunities throughout the County to lower-income senior residents.
Steve is a Philadelphia area native and is an alumnus of Villanova University where he received a Bachelor’s of Science in Accountancy. Outside of work Steve is passionate about his family and community. He serves as Chairman of the Board of the Bucks County Industrial Development Authority, Bucks County’s lead economic development agency. He is also President of the Board of the Bucks County Housing Development Corporation, a non-profit 501 (C) (3) corporation, with a mission to provide affordable housing opportunities throughout the County to lower-income senior residents.
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3% Transaction Fee
Based on Winning Bid Amount
Minimum Transaction Fee
$20,000
Maximum Transaction Fee
$300,000
Example Calculation
Winning Bid Amount
$5,000,000
Transaction Fee
$150,000 (3%)
Total Purchase Price
$5,150,000
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Value-Add Office with In-Place Rental Income | 190 N Evergreen Ave
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