Lakewood Equity Sells Suburban Philadelphia Office Campus

Cherry Hill Office Center. Image courtesy of Marcus & Millichap

Lakewood Equity has sold Cherry Hill Office Center, a five-building office campus totaling 185,000 square feet in Cherry Hill, N.J. The property traded for $21.4 million.

According to CommercialEdge data, the asset last changed hands in 2017, when Lakewood acquired the property for $16.7 million.

First Vice President Brent Hyldahl and Senior Managing Director Alan Cafiero of Marcus & Millichap represented the seller and procured the buyer.

The five mid-rise buildings sit on a 10.8-acre site and were built between 1968 and 1975. The campus is currently 90 percent leased to a mix of medical and office tenants, including Garden State Orthopaedics, Quest Diagnostics, Cooper University Health Care, Camden County Bar Association and Bala Financial Group, among others. The five sold assets are the following:

• 1020 Kings Highway N., a two-story, 19,250-square-foot building
• 1030 Kings Highway N., a three-story, 30,200-square-foot-building
• 1040 Kings Highway N., a seven-story, 86,671-square-foot building
• 1050 Kings Highway N., a two-story, 18,630-square foot building
• 1060 Kings Highway N., a three-story, 28,980-square-foot building

Cherry Hills Office Center is located just 10 miles from downtown Philadelphia, in the southern part of New Jersey. The office campus has access to Interstate 295 and the New Jersey Turnpike.

Recently, several transactions have closed in the New Jersey office market. In the northern part of the state, Edgewood Properties acquired a 250,000-square-foot building in Basking Ridge, N.J., while The Birch Group, in partnership with Lionstone Capital, paid $70 million for a 307,510-square-foot office campus in Hopewell, N.J.