Commercial real estate investment services firm Marcus & Millichap on July 10 announced the $4 million sale of a medical office building in Cherry Hill.
The 22,416-square-foot South Jersey Medical Center was marketed exclusively by Senior Associates David Beyel and Lawrence Gariano and Associate Michael Hinchman of M&M’s Philadelphia office on behalf of the seller, a unnamed partnership. The team secured the buyer as well, another unnamed partnership based in Pennsylvania.
The property features 14 suites and 425 feet of frontage along Route 70.
“We were able to generate a lot of interest from both in state and out of state buyers due to the property’s desirable location,” Beyel said in a prepared statement. “The diversified rent roll and upside in leasing of the existing vacant suites were a few of the main selling points.”
According to M&M, the buyer was in a 1031 exchange and plans to upgrade the facility at 1401 Marlton Pike E.
In New Jersey, M&M’s broker of record is Biran Hosey.