The 17,800-square-foot Cherry Hill Center retail complex sold for $5.9 million, or $332.87 per square foot.
Marcus & Millichap announced the sale June 29.
“Cherry Hill Center is located in one of the wealthiest and attractive submarkets in the Philadelphia MSA,” said Derrick Dougherty, senior vice president investments. “This asset benefits from being strategically located along Haddonfield Road, directly across the street from the Market Place at Garden State, anchored by the top performing Wegmans in New Jersey.”
Dougherty, Senior Associate Mark Krantz, and First Vice President of Investments Scott Woodard, all brokers from the firm’s Philadelphia office, had the exclusive listing to market the property on behalf of the seller. John Horowitz, New Jersey broker of record, assisted in closing this transaction.
“The seller and his team should be commended for repositioning this asset in 2014 with a reputable tenant mix, clean leases, great visibility and plenty of parking available for the tenants and customers,” said Dougherty.
Cherry Hill Center is located at 1200 Haddonfield Road in Cherry Hill and has tenants including Zoe’s Kitchen, Mattress Warehouse, Pho 9 and The Escape Room.
“We continue to see strong investor demand up and down Haddonfield Road because of the real estate fundamentals in place,” Krantz said. This was an all-cash acquisition, and the buyer and broker were a pleasure to work with from beginning to end.”