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:
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