The Cherry Hill Office Center at 1020 to 1060 Kings Highway North in Cherry Hill — Courtesy: Marcus & Millichap
By Joshua Burd
A private investor has purchased a nearly 184,000-square-foot office campus in Cherry Hill for $21.4 million, in a newly announced deal by Marcus & Millichap.
According to the brokerage team, the Cherry Hill Office Center property includes five buildings, the largest of which is a seven-story, 86,671-square-foot structure at 1040 Kings Highway North. The portfolio, which is 10 miles from Center City Philadelphia, also includes:
- 19,250 square feet at 1020 Kings Highway North
- 30,200 square feet at 1030 Kings Highway North
- 18,630 square feet at 1050 Kings Highway North
- 28,980 square feet at 1060 Kings Highway North
“More than 90 percent leased to a strong mix of medical and office tenants, the acquisition of Cherry Hill Office Center provides the buyer with in-place cash flow and upside to be gained by increasing below-market rents as tenants roll over,” said Brent Hyldahl, a first vice president for investments in Marcus & Millichap’s New Jersey office. He and Marcus & Millichap’s Alan Cafiero represented the seller and procured the buyer.
Built between 1968 and 1975, the campus is accessible from major highways such as Interstate 295 and the New Jersey Turnpike, according to a news release. It’s also less than a mile from Jefferson Cherry Hill Hospital, a 196-bed acute care center that is part of the Jefferson Health system.
