Tuesday, June 23, 2015

Clinical Health Care of NJ Completes 150,000-SF Long Term Lease in Suburban Philadelphia

Clinical Health Care Associates of New Jersey PC, a subsidiary of Clinical Practices of the University of Pennsylvania, has signed a long-term, full-building lease at 1865 Marlton Pike in Cherry Hill, NJ.

The two-story, 150,000-square-foot building sits on 12 acres in the South Camden County submarket of Philadelphia, located on Route 70 E near I-295.

Off-price retail clothing chain Syms Corporation previously occupied the building, utilizing it as retail and showroom space until the company ceased operations in 2012. The property has been vacant since that time.

Finmarc Management, Inc. acquired the asset in September 2013 for $4.75 million, significantly below replacement cost and funded in-part with proceeds from the earlier sale of its Shoppes of Burnt Mills in Silver Spring, MD.

"The Cherry Hill and South New Jersey / Philadelphia marketplaces are extremely attractive to us, as we recognize the tremendous opportunities that exist, as supported by a healthy and growing economic environment," explained Neil S. Markus, principal of Finmarc Management. "It is among the key areas we have targeted to expand our five million square foot portfolio outside of the greater Washington D.C. metropolitan area."

Finmarc and the tenant plan to invest more than $50 million in capital improvements to the building in the hopes of transforming it into a premier medical office facility in South Jersey. Plans include the installation of a new roof, new HVAC and electrical systems, full-building build out, necessary site work, a new structured garage and repaving of the existing parking lot, renovations to the building facade, and the addition of new windows as well as upgrading all interior and exterior lighting.

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