JLL completes sale, financing of 3-building office portfolio
Highly desirable, amenity-rich location with proximity to Center City Philadelphia
PHILADELPHIA, November 12, 2019 – JLL announced today that it has closed the $33 million sale and $24.75 million financing of Woodland Falls, a three-building, Class A office portfolio totaling 217,986 square feet in Cherry Hill, New Jersey.
JLL marketed the property on behalf of the seller, Crown Properties, and procured the buyer, SFA. Additionally, JLL worked on behalf of SFA to secure the 10-year, fixed-rate acquisition loan.
Woodland Falls is located on 17 acres at 200, 210 and 220 Lake Drive East within the Woodland Falls Corporate Park just off of Route 38 in Cherry Hill. This highly desirable location provides immediate access to Routes 70 and 73, Interstate 295 and the New Jersey Turnpike, and is approximately a 10-minute commute to Center City Philadelphia. In addition, Woodland Falls is positioned within an amenity-rich environment highlighted by the nearby Cherry Hill Mall that features more than 160 retailers and restaurants and Garden State Park, a mixed-use town center with retail, restaurants and upscale residential units. The properties were built in the late 1980’s and are 92% leased overall to primarily credit tenants.
The JLL Capital Markets team representing the seller was led by Senior Managing Director Doug Rodio.
JLL’s Capital Markets team representing the borrower was led by Senior Managing Director Ryan Ade and Directors Neil Campbell and Michael Pagniucci.
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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Deal secured by Holliday Fenoglio Fowler LP (“HFF”) prior to being acquired by JLL on July 1, 2019. Co-brokerage services provided by Jones Lang LaSalle Americas, Inc.
About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of more than 93,000 as of September 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Crown Properties
Founded in 1982, Crown Properties is a privately held real estate organization based in New York City. Crown employs opportunistic strategies to invest in quality assets throughout the United States. With interests in over six million square feet of property, Crown Properties has demonstrated its ability to identify and execute on opportunities within a variety of different business environments.
About SFA
Strategic Funding Alternatives, LLC (SFA) is a privately held commercial real estate investment firm located in Moorestown, NJ. Founded in 2016, SFA has become one of the fastest growing firms in the South Jersey market with nearly 20 properties and 700,000+ square feet. Learn more about SFA at: sfarealestate.com.