CHERRY HILL, NJ—NAI Mertz sold two commercial buildings, totaling over 40,000 square feet and signed multiple office leases totaling approximately 10,000 square feet within Cherry Hill's Golden Triangle in the first half of 2015.  These transactions reflect the continued emergence of Cherry Hill's retail trade and the rebound of its office leasing market.  

The first transaction, the sale of a 28,000-square-foot commercial building located at 706 Haddonfield Road in Cherry Hill, was inked by Jeff Sloan, sales associate, who was the sole broker in the transaction. The seller was Multiple Sclerosis Association of America.  The buyer, Bryn Mawr Investments, Inc., plans to completely redevelop the property for retail use by demolishing the first one-third of the building and converting it into parking spaces.

“As the connector between Cherry Hill's two dominant shopping destinations – the Cherry Hill Mall and Garden State Park – Haddonfield Road has garnered a lot of attention from investors and developers,” says Sloan. “This property's unique position at a lighted intersection on Haddonfield Road, and its ability to be repositioned for retail use were immerse draws for the buyer.”

In addition, Sloan also assisted Multiple Sclerosis Association of America in relocating to a 14,400-square-foot office building located at 375 N. Kings Highway in Cherry Hill.  The seller was 375 NKH, LLC.  Sloan was the sole broker in the transaction.

The second transaction was the sale of an 11,683-square-foot office building located at 1012 Haddonfield Road in Cherry Hill.  The two-story building is located directly across from the Marketplace at Garden State Park.  The NAI Mertz brokerage team of Marc Cutler, vice president, and John Brown, broker associate, were the sole brokers in the transaction. The seller was Sports Arena Employees 137 Welfare Fund.  The buyer was Several Properties and First American Exchange.

Brown says it's no coincidence that NAI Mertz has so many signs within the Golden Triangle. “We have a strong track record of completing deals on Routes 38 and 70, and Haddonfield Road, and are certain that it will remain fertile ground for sales and leasing activity for the foreseeable future,” he says.

NAI Mertz is also actively involved in the recent resurgence of leasing activity taking place in the Cherry Hill office market, with its team of Rebecca Ting, SIOR, vice president, Julie Kronfeld, sales associate, and Fred Meyer, SIOR, director of corporate services, recently filling numerous vacancies within Two Executive Campus located at 2370 Route 70.  These transactions include a 3,857-square-foot lease on behalf of Areva, Inc. North America, and a 2,553-square-foot lease on behalf of Sherwin-Williams Company.  Also in Cherry Hill, at 401 Kings Highway, the NAI Mertz team closed a 3,254-square-foot lease on behalf of Good Life Financial Group, LLC.