Praedium to buy Colwick.The Praedium Group, a New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of City-based national real estate investment firm, announced a joint venture acquisition with Pennsylvania-based Endurance Real Estate Group to purchase the Colwick Business Center located at 53, 55 and 57 Haddonfield Road in Cherry Hill Cherry Hill, township (1990 pop. 69,319), Camden co., W central N.J.; name was changed from Delaware township to Cherry Hill in 1961. Largely residential, Cherry Hill has been marked by great development and housing growth, especially since the 1970s. , N.J. for $15.2 million or $89 per s/f. Built in 1987, the office property consists of three single-story buildings totalling 169,896 s.f of space. At the time of purchase, the property was 86% occupied. The property is located outside of Philadelphia, adjacent to the Cherry Hill Mall. Philip Tager, principal in Praedium's acquisition group, stated, "Praedium and Endurance plan to execute a capital improvement plan at Colwick Business Center, which will help us to increase occupancy over the short-term." "Endurance is thrilled to be partnering with Praedium," said Bill White, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Endurance. "These three class A office buildings, located in the South Jersey town of Cherry Hill, the strongest sub-market of the Philadelphia MSA (Metropolitan Service Area) An urban area with at least 50,000 people plus surrounding counties. There are 306 MSAs and 428 RSAs (rural service areas) in the U.S. MSAs and RSAs are used to allocate cellular licenses. , provide tenants with convenient access to Philadelphia, the Cherry Hill Mall and all points in South Jersey. The asset's attractiveness is demonstrated by its impressive tenant roster," added Ben Cohen Ben Cohen may refer to:
|
|
||||||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion