JLL arranges $33M Cherry Hill office sale, $25M in financing

By Eric Strauss
Cherry Hill | Nov 13, 2019 at 5:15 am

JLL has closed on the $33 million sale of a Cherry Hill office portfolio, as well as arranging $24.75 million in financing for it, the real estate services firm announced Tuesday.

Woodland Falls is a three-building, Class A office complex totaling 217,986 square feet. JLL marketed the property on behalf of the seller, Crown Properties, and procured the buyer, SFA. It then worked on behalf of SFA to secure the 10-year, fixed-rate acquisition loan.

The JLL Capital Markets team representing the seller was led by Doug Rodio, senior managing director; the team representing the borrower was led by Ryan Ade, also a senior managing director, with Neil Campbell and Michael Pagniucci, directors.

The properties are located at 200, 210 and 220 Lake Drive E. within the Woodland Falls Corporate Park off Route 38. Built in the late 1980s, they are 92% leased.

The deal was secured by Holliday Fenoglio Fowler LP before JLL’s acquisition of HFF, which closed July 1.