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CHERRY HILL, NJ–The joint venture partnership of Time Equities and Bergman Real Estate Group has purchased a 100,000-square-foot office building in Cherry Hill for $3.4 million, and will make significant upgrades and improvements to reposition the multi-tenant building.
The office at 51 Haddonfield Road, adjacent to the Cherry Hill Mall, is located very close to Center City Philadelphia via the Benjamin Franklin and Betsy Ross bridges.
“Through a purchase of a non-performing note, we were able to restructure the deal alongside Bergman Real Estate Group, and enter at a basis that we feel will allow us to aggressively price lease rates, says Aaron Medeiros, director of acquisitions for Time Equities. “While Cherry Hill has suffered from the same malaise as the broader economy, our long term approach to ownership gave us comfort in investing in a market that others were exiting,” he adds.
Madeiros says Time Equities is assertively seeking to make more such deals. “We hope to find other opportunities to recapitalize groups who have the ability to restructure their capital stack, but lack the necessary liquidity that is required for these types of transactions,” he notes.
The Cherry Hill property offers spaces ranging from 1,200-to-22,000 square feet that are immediately available. Many of the 1,200-to-3,000 square feet spaces are pre-built and move- in ready for tenants, with asking rents that start at $16.50 per-square foot. Newark Grubb Knight Frank’s Anne Klein and Brian Sherlock are leasing brokers for the property.
“We are excited to form this relationship with Time Equities, which is well regarded in the commercial real estate industry and has a proven track record of creating value for turnaround properties such as 51 Haddonfield,” says Michael Bergman, president and CEO of Bergman Real Estate Group. He says the partnership has both the capital and the experience to reposition the property with physical improvements and a fresh marketing campaign.
Time Equities has plans to work with local artists to establish a rotating display in the building’s public gallery space. Other improvements are planned for the parking areas and entrances.
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