JLL closes a two-building 167,000-SF office portfolio
The buildings are in the affluent Philadelphia suburb of Cherry Hill, New Jersey
MORRISTOWN, N.J., March 4, 2020 – JLL Capital Markets announced today that it has closed the sale of a two-building, value-add office portfolio totaling 166,979 square feet in the suburban Philadelphia community of Cherry Hill, New Jersey.
JLL marketed the property on behalf of an institutional client.
The portfolio comprises 5 and 6 Executive Campus, which are just off State Route 70 one mile from State Route 38 and approximately 5.4 miles from Philadelphia. The buildings are also proximate to retail and restaurant amenities along with being located within walking distance to the Cherry Hill Transit station, which offers service to Philadelphia within 30 minutes, and across the street from the NJ Transit bus stop. The 66,703-square-foot 5 Executive is a two-story office building that was completed in 1970, and 6 Executive is a four-story, 100,276-square-foot building that opened its doors in 1982. The value-add buildings are home to a roster of all credit-rated government agencies.
The JLL Capital Markets team representing the seller included Steve Simonelli, Brett Grifo, Jose Cruz, Doug Rodio, Brett Segal and Nicholas Stefans.
“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.”
“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 added.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion, operations in over 80 countries and a global workforce of more than 93,000 as of December 31, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.