JLL Capital Markets announced on Wednesday it has closed the sale of a two-building office portfolio in Cherry Hill.
JLL said it marketed the properties, which totaled 166,979 square feet, on behalf of an institutional client. The portfolio is comprised of 5 and 6 Executive Campus, located just off Route 70, one mile from Route 38 and five miles from Philadelphia. The 66,703-square foot 5 Executive is a two-story office building built in 1970 and the 100,276-square-foot 6 Executive opened in 1982.
JLL’s Steve Simonelli, Brett Grifo, Jose Cruz, Doug Rodio, Brett Segal and Nicholas Stefans represented the seller.
“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.”
“This office portfolio provided 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,” Grifo said.