A three-building Class A office portfolio located not far from Philadelphia in Cherry Hill, New Jersey, has sold for $33 million, according to a broker on the deal.
Strategic Funding Alternatives, which is headquartered in Moorestown, New Jersey, acquired the buildings within the Woodland Falls Corporate Park from Crown Properties, based in New York City. The properties at 200, 210 and 220 Lake Drive E. total 217,986 square feet.
Crown Properties bought the three buildings for just $19 million in March 2017 from Brandywine Realty Trust of Philadelphia, according to CoStar data. The properties were built in the late 1980s and are 92% leased overall to primarily credit tenants.
The 17-acre corporate park where the offices are located is just off Route 38 in Cherry Hill. The site has quick access to Routes 70 and 73, Interstate 295 and the New Jersey Turnpike, and is about a 10-minute commute to center city Philadelphia.
In addition, Woodland Falls is near the Cherry Hill Mall, which has more than 160 retailers and restaurants, and Garden State Park, a mixed-use town center with retail, restaurants and residential units.
For more information about Cherry Hill office space for sale or lease in Cherry Hill or about any other Cherry Hill commercial properties for sale or lease, please contact WCRE at 856-857-6300.
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