CHERRY HILL, NJ-Maguire & Partners Property Group has acquired the two industrial buildings totaling 90,000 sf at 1960-1970 Old Cuthbert Rd. here. The seller was Liberty Property Group, and the sale price of $3.9 million factors out to just more than $43 per sf. Located at Exit 4 of the New Jersey Turnpike, the two buildings are currently fully leased to eight tenants ranging in size from 7,500 to 22,500 sf.
The building is in "an attractive market for flex-warehouse space," says Gabe Spector of the Bala Cynwyd, PA-based Maguire & Partners. Spector and fellow former Pitcairn Properties execs Dan Maguire and Jim Watson formed Maguire & Partners four years ago.
"Vacancy rates along Old Cuthbert Rd. have rarely reached as high as 8%," Spector says. "This property is well-situated for service-oriented tenants serving the office market in the southern New Jersey area. We were drawn to the property due to its ability to attract and retain smaller tenants. Many of the buildings in the area are oriented towards single tenancy, while these buildings serve a niche for smaller tenants."
Maguire & Partners will handle the management and leasing of the newly acquired property. Financing was provided by Sovereign Bank, and equity was provided by individual investors.
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