Colwick Business Center in Cherry Hill — Courtesy: JLL
By Joshua Burd
A joint venture has sold a three-building office complex in Cherry Hill, under a $17.4 million transaction arranged by JLL.
Capital markets brokers with the firm represented the partnership, which includes Endurance Real Estate Group and Blue Vista Capital Management, in the sale of Colwick Business Center at 53, 55 and 57 Haddonfield Road. An undisclosed Brooklyn-based firm acquired the portfolio, which has more than 172,500 square feet and is 90 percent leased.
JLL Executive Vice President Brett Grifo led the sale, along with managing directors Jim Galbally, John Plower and Chad Orcutt.
“The Colwick Business Center offers investors a rare opportunity to acquire stable, in-place cash flow along with the ability to enhance portfolio value with a lease-up of the portfolio’s remaining vacancy in a strong submarket,” Grifo said.
The brokers noted that tenants at the complex have a weighted average lease term of more than six years. The property is close to hotels, restaurants and the Cherry Hill Mall, while providing access to the New Jersey Turnpike, Interstate 295 and routes 38, 70 and 73.
“We’re very hands-on when it comes to our acquisition strategy,” said Albert J. Corr, a senior vice president with Endurance. “We invest in under-performing assets with potential and reposition them, which is exactly what we accomplished by securing a long-term credit tenant in our largest available unit last year.”
“Thanks to our partnership with the Colliers leasing team of Evan Zweben, Brian Sherlock and Christina Del Duca, we were able to maximize ownership value and stabilize the park.”
