By Joshua Burd
An investor has acquired a medical office property in Cherry Hill, under a $4 million transaction arranged by Marcus & Millichap.
The brokerage firm represented the seller of South Jersey Medical Center, a 33,416-square-foot property at 1401 Marlton Pike East. An undisclosed Pennsylvania-based investor now plans to upgrade the facility and common areas after closing the deal as part of a 1031 exchange.
David Beyel, and Lawrence Gariano, both senior associates in Marcus & Millichap’s Philadelphia office, and Michael Hinchman, an associate, completed the assignment. They also procured and represented the buyer.
“We were able to generate a lot of interest from both in state and out of state buyers due to the property’s desirable location,” Beyel said. “The diversified rent roll and upside in leasing of the existing vacant suites were a few of the main selling points.”
In a news release, Marcus noted that the medical office building has 14 suites and 425 feet of frontage along Route 70, with more than 53,000 cars passing daily. The firm also touted its proximity to the local patient base, ease of access and available parking.