Thursday, January 15, 2015

United Realty Trust Acquires Cherry Hill MOB

United Realty Trust Incorporated acquired the medical office building at 7 Carnegie Plz. in Cherry Hill, NJ from Fox Rehabilitation for $9.3 million, or about $103 per square foot.

The 90,070-square-foot facility was built in 1988 on 17.4 acres in the South Camden County submarket of Philadelphia, part of the Cherry Hill Business Park.

Fox Rehabilitation has leased back the building from the new owner and will continue to occupy the entire property for a ten-year term under a triple-net lease.

The buyer funded the acquisition in-part with a first mortgage loan of $5.5 million and mezzanine funding in the amount of $1.8 million.

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