55 Haddonfield Rd. is part of a three-building property sold for $11 million in June 2019.
A three-building office complex in Cherry Hill sold for $11 million last month, six years after the firm picked up the property for $6.9 million.
Endurance Real Estate Group sold a three-building office complex in Cherry Hill for $11 million last month, six years after the firm picked up the property for $6.9 million.
Located at 53, 55 and 57 Haddonfield Road, the buildings total 75,700, 59,599 and 37,464 square feet, respectively. After Radnor-based Endurance bought the property from Wells Fargo and invested in renovations, including a new HVAC system, it was able to secure a 10-year lease with the State of New Jersey for office space. It has now leased out 90% of the complex, said Al Corr, Endurance’s head of asset management.
“That was the right time for us to take it to market,” he told the Philadelphia Business Journal Monday.
According to the deed of sale, the buyer is a Brooklyn-based LLC, Haddonfield Partners 55. New Jersey business registration documents tie the LLC to Fishel Schlesinger of Golden Gate Management and its Eatontown, New Jersey, office. The company could not be reached for comment.
The buildings sit on 5.7 acres less than a mile from Cherry Hill Mall and Route 38 and with a few miles of Route 73, Route 70 and Interstate 295. That makes it not only easy for employees to get into the office, but also easier for them to pick up lunch or shop within close proximity to the office.
“You’ve got so much within a one-to-two mile radius,” Corr said. “It gives tenants many options.”
Endurance owns numerous properties in South Jersey, including 13 in the Cherry Hill Business Park they’ve owned since 2008, and “will gravitate to where the opportunities are,” he said. Earlier this month, it sold two industrial buildings totaling 187,568 square feet in Moorestown, 550 Glen Ave. and 600 Glen Ct., to a Boston-based REIT for $13.52 million
The firm looks at the region, specifically the area that’s within a three-hour radius of its Radnor office, as a whole, and doesn’t focus efforts on moving in or out of any specific submarket, Corr said. It’s even looking outside the region’s borders, purchasing property in Hazelton, Luzerne County and a seven-building park outside of Pittsburgh.
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What Endurance is dialing in on is industrial, he said. The Haddonfield Road property was one of the last few office spaces in its portfolio.
According to the deed of sale, the buyer is a Brooklyn-based LLC, Haddonfield Partners 55. New Jersey business registration documents tie the LLC to Fishel Schlesinger of Golden Gate Management and its Eatontown, New Jersey, office. The company could not be reached for comment.
The buildings sit on 5.7 acres less than a mile from Cherry Hill Mall and Route 38 and with a few miles of Route 73, Route 70 and Interstate 295. That makes it not only easy for employees to get into the office, but also easier for them to pick up lunch or shop within close proximity to the office.
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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Please visit our websites for a full listing of Cherry Hill commercial properties for lease or sale through our Cherry Hill commercial real estate brokerage firm.
