The Woodland Falls office portfolio in Cherry Hill — Courtesy: JLL
By Joshua Burd
The buyer of three office buildings in Cherry Hill has completed its purchase with nearly $25 million in acquisition financing, brokers with JLL announced Tuesday.
In a news release Tuesday, JLL said it closed both the $33 million sale and a $24.75 million loan tied to Woodland Falls, a 217,986-square-foot complex off Route 38. JLL marketed the property on behalf of the seller, Crown Properties, and worked on behalf of the buyer, Strategic Funding Alternatives LLC, to source the 10-year, fixed-rate financing.
JLL Senior Managing Director Doug Rodio led the investment sale team, while Senior Managing Director Ryan Ade and directors Neil Campbell and Michael Pagniucci spearheaded the financing effort.
The 92 percent leased portfolio, which sits on 17 acres, comprises 200, 210 and 220 Lake Drive East within the Woodland Falls Corporate Park. The location offers quick access to routes 70 and 73, Interstate 295 and the New Jersey Turnpike, along with a roughly 10-minute ride to Center City Philadelphia.