The seller was the Dallas-based Invesco. The deal was brokered on behalf of the seller by SVP Michael Blunt and EVPs Michael Hines and Robert Fahey of the Philadelphia Region's CB Richard Ellis Investment Property-Institutional Group.
The asset is one of four buildings that make up the Colwick Business Center, and the latest sale gives the Iselin, NJ-based Bergman complete control of the campus. As reported by GlobeSt.com, the company acquired the other three buildings in 2006 from New York-based Praedium Group and Bala Cynwyd, PA-based Endurance Real Estate.
The three buildings sold earlier total 171,000 sf, and the sale price of $22.4 million worked out to $131 per sf. The CBRE broker trio orchestrated that earlier sale as well. Praedium and Endurance only had an 18-month hold on the building, having acquired them in late 2004 for $15.2 million.
As far as 51 Haddonfield Rd., "the building is 80% leased, and provides excellent leveraged return opportunities and stellar rent roll because of its diverse and quality tenancy," says a spokesman for the buyer. Recent capital improvements have been made to the building as well, including new roofs, HVAC upgrades and parking area resurfacing.
"Bergman and Maguire have essentially acquired a quality mid-rise office building which recently underwent substantial improvement," Blunt confirms. "It has achievable upside potential and a location in one of Cherry Hill's best corridors. It also allows Bergman to control Colwick Business Center in its entirety, which is an absolute competitive advantage."
Part of that upside potential is the 19,000 sf still available for lease, space that's currently listed with an asking price of $20.50 per sf. Existing tenants include Nations Home Mortgage Comcast, Commonwealth Land Title, Manpower International and Stifel Nicolaus & Co.
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