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$6M Takes 143,000-SF Industrial Bldg.

CHERRY HILL, NJ-The vacant building, sold by First Industrial Realty Trust, will be converted into a school by its new owner. NAI Mertz arranged the transaction.

By Eric Peterson | Updated on July 24, 2003

CHERRY HILL, NJ-NAI Mertz Corp., based in Mt. Laurel, NJ, has arranged the sale of the 142,750-sf industrial building at 5 Carnegie Drive in Cherry Hill Business Park. The asset, which includes more than 50,000 sf of office space, traded for $6 million.

NAI Mertz repped both sides of the transaction. The firm’s senior vice president, Mal Shreibman, and vice president Alan Good spoke for the seller First Industrial Realty Trust, while Maryann Franken, senior vice president of the firm’s Office Division, represented the buyer, King’s Christian School.

The locally-based buyer, a parent-sponsored Christian school that dates back to the mid 1940s, plans to convert its acquisition into a permanent facility for its junior/senior high school. “For many years, the school has had a strategic initiative to find a permanent facility for the junior/senior high school,” explains John Ackley, president of the institution’s board of directors.

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