CHERRY HILL, NJ—United Realty Trust Incorporated has purchased 7 Carnegie Plaza, a stabilized triple-net leased medical headquarters building in Cherry Hill, NJ, from FRS Carnegie Plaza LLC, for $9.3 million. URTI is financing the purchase of the 90,000-rentable-square-foot property with a $5.5 million first mortgage loan and a $1.8 million mezzanine loan.
The one-story building, built in 1988 and renovated in 2004 and 2009, is located near Exit 4 of the New Jersey Turnpike, about twelve miles from Philadelphia. It is currently fully leased to Fox Rehabilitation Services, PC, a private provider of physical, occupational and speech therapy services.
“We believe this property fits the investment profile for the income silo of URTI's dual strategy,” says Jacob Frydman, CEO and chairman of URTI. “Today's market has high demand and generally limited supply for single-tenant buildings of this size, and we believe we acquired the property at a favorable price relative to development cost. The property's value should be further enhanced by its good visibility, easy access, ample parking and location near downtown Philadelphia.”
The 17.4 acre property provides infrastructure for more than 700 employees and includes 559 onsite outdoor parking spaces.
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
