Friday, February 3, 2017

Finmarc Mgmt Divests Penn Med Cherry Hill Bldg

Finmarc Management, Inc. sold the Penn Medicine Cherry Hill medical office building at 1865 Marlton Pike E in Cherry Hill, NJ for $81.77 million, or about $527 per square foot, to LaSalle Investment Management.

The single-story, 155,308-square-foot, 4-Star office property delivered in October 2016 on 18.7 acres in the South Camden County submarket of Philadelphia, southeast of the I-295 interchange. Penn Medicine occupies the entire building under a new 20-year, triple-net lease guaranteed by the University of Pennsylvania.

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