Monday, March 9, 2020

Cherry Hill Office Complex Changes Hands

by John Jordan
The two-building office complex at 5 and 6 Executive Campus here has been sold for an undisclosed sum.

The seller was an institutional owner of the 166,979-square-foot complex.
The portfolio is located off State Route 70 one mile from State Route 38 and approximately 5.4 miles from Philadelphia. The buildings are also proximate to retail and restaurant amenities along with being within walking distance to the Cherry Hill Transit station, which offers service to Philadelphia within 30 minutes, and across the street from the NJ Transit bus stop.

No financial terms of the transaction were disclosed.
The 66,703-square-foot 5 Executive is a two-story office building that was completed in 1970, and 6 Executive is a four-story, 100,276-square-foot building that first opened in 1982. The value-add buildings are home to a roster of all credit-rated government agencies.

“We were very pleased to work with the seller on the disposition of these properties. They were able to take advantage of the market’s strong demand for office properties that offer stable cash flow and leasing upside.”
The office portfolio acquisition provides the buyer with a “unique opportunity to acquire in-place cash flow secured by government agency tenancy in one of Southern New Jersey’s premier office markets.”

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