5 and 6 Executive Campus in Cherry Hill — Courtesy: JLL
By Joshua Burd
An institutional investor has sold a two-building, 167,000-square-foot office portfolio in Cherry Hill, under a newly completed transaction by JLL.
Located at 5 and 6 Executive Campus, the properties include a two-story, 66,703-square-foot building that was completed in 1970 and a four-story, 100,276-square-foot building that opened in 1982, JLL said. The capital markets team of Steve Simonelli, Brett Grifo, Jose Cruz, Doug Rodio, Brett Segal and Nicholas Stefans represented the seller, touting the properties as value-add buildings that are home to a roster of credit-rated government agencies.
“We were very pleased to work with the seller on the disposition of these properties,” Simonelli said. “They were able to take advantage of the market’s strong demand for office properties that offer stable cash flow and leasing upside.”
An unnamed buyer acquired the 166,979-square-foot portfolio for an undisclosed price. In a news release, JLL touted the properties’ location just off Route 70 and one mile from Route 38, along with their proximity to Philadelphia, retailers and the Cherry Hill PATCO station.
“This office portfolio provided 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,” Grifo said.
