Ironstone Village bought the property as part of a 1031 tax-free exchange. "This was an ideal investment opportunity for a private investor with a 1031 requirement," says Michael Blunt, SVP with CB Richard Ellis' Philadelphia Regional Investment Property Institutional Group, who orchestrated the deal along with EVPs Michael Hines and Robert Fahey.
"The building contains a diversified rent roll with strong tenant credit and a minimal lease rollover in the first three years," Blunt says. That rent roll is a multi-tenant mix of professional, financial, government and medical firms and organizations, CHA/CHAN, Exam One, Cardiac Care Specialists and the US Food and Drug Administration among them. At the time of closing, the property was 98% leased, with a pending lease for the remaining vacant space of approximately 1,100 sf, according to Blunt.
Completed in 1986, the three-story building is situated at the intersection of Haddonfield-Berlin and Laurel Oak Roads. The site is located near several hotels as well as the Echelon Mall, which is currently being redeveloped by Pennsylvania Real Estate Investment Trust.
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