Clinical Healthcare Associates of New Jersey PC, a subsidiary of Medical Practices of the University of Pennsylvania, has signed a long-term, full-building lease at 1865 Marlton Pike in Cherry Hill, NJ.
The two-story, 150,000-square-foot structure sits on 12 acres in the South Camden County submarket of Philadelphia, located on Route 70 E near I-295.
Off-price retail clothing chain Syms Corporation previously inhabited the building, utilizing it as retail and display room area up until the business stopped operations in 2012. The building has been uninhabited because that time.
Finmarc Management, Inc. obtained the asset in September 2013 for $4.75 million, significantly below replacement expense and moneyed in-part with proceeds from the earlier sale of its Shoppes of Burnt Mills in Silver Spring, MD, according to CoStar data.See CoStar COMPS # 2993498 and # 2798468.
“The Cherry Hill and South New Jersey/ Philadelphia marketplaces are exceptionally appealing to us, as we acknowledge the tremendous chances that exist, as supported by a healthy and growing financial environment,” discussed Neil S. Markus, principal of Finmarc Management. “It is among the crucial locations we have actually targeted to broaden our five million square foot profile outside of the higher Washington D.C. metropolitan area.”
Finmarc and the occupant strategy to invest more than $50 million in capital improvements to the building in the hopes of transforming it into a premier medical workplace center in South Jersey. Plans consist of the setup of a new roof, brand-new COOLING AND HEATING and electrical systems, full-building construct out, required site work, a brand-new structured garage and repaving of the existing parking lot, restorations to the building exterior, and the addition of brand-new windows along with upgrading all indoor and outside lighting.
Fred Berlinsky with Markeim Chalmers represented the property owner in lease settlements. Thomas Hummel and Dean Geis with NAI Geis Real estate Group, Inc. represented Clinical Health Care Associates.