5-Building Cherry Hill Office Center Sold

On Aug 26, 2022

Marcus & Millichap, a commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Cherry Hill Office Center, a five-building suburban office campus located 10 miles from Downtown Philadelphia in Cherry Hill. The property sold for $21.4 million.

“More than 90% 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, first vice president investments in Marcus & Millichap’s New Jersey office. Hyldahl and Alan Cafiero represented the seller and procured the buyer.

The properties are:

• 1020 Kings Hwy. N, a two-story, 19,250-square-foot building constructed in 1968
• 1030 Kings Hwy. N, a three-story, 30,200-square-foot building constructed in 1968
• 1040 Kings Hwy. N, a seven-story, 86,671-square-foot building constructed in 1975
• 1050 Kings Hwy. N, a two-story, 18,630-square-foot building constructed in 1968
• 1060 Kings Hwy. N, a three-story, 28,980-square-foot building constructed in 1968

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