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$4M Takes 45,000-SF Office

HADDON HEIGHTS, NJ-An SJS-led partnership has shed the 90%-leased asset for more than $84 per square foot.

By Eric Peterson | Updated on January 05, 2009

HADDON HEIGHTS, NJ-Grove Office Plaza, a 45,000-square-foot professional office building at 515 Grove St. here, has a new owner. The building has been sold by SJS Grove Street Limited Partnership–a group headed by the Cherry Hill-based SJS Realty Management–to locally based 515 Grove Street Associates LLC. The sale price of $3.8 million factors out to just more than $84 per square foot, and the deal was brokered by SVP Jason Wolf and VP Evan Zweben of the Mount Laurel office of Colliers Lanard & Axilbund.

Built in 1972 and last renovated in the mid-1980′s, the three-story class B building was just more than 90% occupied at the time of sale. The vacancy of approximately 4,500 square feet is available in increments of 1,000 square feet and up, currently listed with an asking price of $15.50 per square foot, and CL&A has been retained to market that space.

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