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Investor lists three South Jersey office buildings near 90% occupancy
The properties, which total more than 315,000 square feet, are priced at $41.7 million and marketed by Marcus & Millichap.
Bisnow reports that a New York-based investor is seeking $41.7 million to sell three South Jersey office buildings that are each close to 90% occupied, including space in Cherry Hill and Mount Laurel.
The asking prices include $17.3 million for the 121,600 SF LibertyView Office Tower at 457 Haddonfield Road, $12.7 million for the 99,500 SF Atrium I at 1000 Atrium Way, and $11.7 million for the 95,000 SF Executive Plaza at 1120 Route 73.
The article notes that the buildings were bought by Zamir Equities from Brandywine Realty Trust between 2015 and 2016. It also states that Camden and Burlington counties had office vacancy rates of 15.8% and 14.0% last quarter, while move-outs outpaced move-ins by 130,300 SF.
No new office buildings are under construction in South Jersey or greater Philadelphia, but Camden County officials are pursuing a separate project. According to Bisnow, the county leased 64,000 SF at 3 Executive Campus in Cherry Hill last quarter and previously spent $4.7 million on a parking lot to support preliminary site work for a proposed 500,000 SF office tower.