Strategic Funding Alternatives Buys Cherry Hill Office Portfolio for $33M
JLL also helped SFA secure a 10-year, $24.75-million fixed-rate acquisition loan for the portfolio that is located near Center City Philadelphia.
CHERRY HILL, NJ—The three-building Woodland Falls office complex here has changed hands in a $33-million deal.
Moorestown, NJ-based Strategic Funding Alternatives acquired the 217,986-square-foot complex from Crown Properties.
Commercial brokerage firm JLL marketed the property on behalf of New York City-based Crown Properties, and procured the buyer, SFA. JLL also helped SFA secure a 10-year, $24.75-million fixed-rate acquisition loan for the portfolio that is located near Center City Philadelphia.
The JLL Capital Markets team representing the seller was led by senior managing director Doug Rodio. JLL’s Capital Markets team representing the borrower was led by senior managing director Ryan Ade and directors Neil Campbell and Michael Pagniucci.
The Woodland Falls corporate park currently has an occupancy rate of approximately 97% and is home to tenants that include PNC Bank, Corcentric LLC, Ballard Spahr LLP, 1st Colonial Community Bank and M&T Bank.
SFA managing principal, Jeffery Schneider states, “With its convenient location and parklike setting, Woodland Falls has been a long sought-after corporate park and we look forward to further strengthening its appeal.”
SFA reports it has plans for common area and landscaping improvements to Class A office complex. The deal is largest acquisition to date for the privately-held eal estate investment firm that was founded in 2016.