Fifteen lease transactions totaling 190,000 square feet were completed in 2021 with Cherry Umbrella LLC, an affiliate of Endurance Real Estate Group, within the Cherry Hill Business Park, according to a Thursday announcement from Colliers.
CHBP is located in the heart of Cherry Hill on Springdale Road, and is comprised of 13 buildings, totaling approximately 616,000 square feet of shallow bay industrial and flex space.
Ian Richman, who represents the ownership group in the park, commented: “We are thrilled with the leasing activity in 2021, especially in the fourth quarter. We were able to backfill several larger vacancies, while also enhancing the credit profile of the rent roll.”
CHBP offers excellent access to two exits of Interstate 295 as well as Exit 4 of the New Jersey Turnpike. Service-related tenants have historically gravitated to the park as a result of its superior location.
Current tenants at the park include Avalon Flooring, Ferguson Bath & Kitchen, Napa Auto Parts, DalTile, Tastykake, ProCustom Solar, Bayada and Window Nation.
Albert Corr, senior vice president at Endurance, stated: “2021 was our most successful year of leasing activity at CHBP. We completed nine new leases as well as a handful of renewals at the park and have now increased our occupancy level to 98%.”
