Cherry Hill Office Complex Changes Hands

CHERRY HILL, NJ—The two-building office complex at 5 and 6 Executive Campus here has been sold for an undisclosed sum.

JLL Capital Markets marketed the property and represented an institutional client in the sale of the 166,979-square-foot complex.

The portfolio is located off State Route 70 one mile from State Route 38 and approximately 5.4 miles from Philadelphia. The buildings are also proximate to retail and restaurant amenities along with being within walking distance to the Cherry Hill Transit station, which offers service to Philadelphia within 30 minutes, and across the street from the NJ Transit bus stop.

No financial terms of the transaction were disclosed.

The 66,703-square-foot 5 Executive is a two-story office building that was completed in 1970, and 6 Executive is a four-story, 100,276-square-foot building that first opened in 1982. The value-add buildings are home to a roster of all credit-rated government agencies, JLL states.

The JLL Capital Markets team representing the seller included Steve Simonelli, Brett Grifo, Jose Cruz, Doug Rodio, Brett Segal and Nicholas Stefans.

“We were very pleased to work with the seller on the disposition of these properties,” Simonelli said. “They were able to take advantage of the market’s strong demand for office properties that offer stable cash flow and leasing upside.”

JLL’s Grifo adds that the office portfolio acquisition provides the buyer with a “unique opportunity to acquire in-place cash flow secured by government agency tenancy in one of Southern New Jersey’s premier office markets.”