The Cherry Hill Road complex totals 191,249 square feet of office space and sits at the crossroads of Interstates 80 and 287, as well as Routes 46 and 202.

The deal is contingent on New York City-based SJP Properties and Scotto Properties of Morristown securing full municipal approvals for the mixed-use project that will feature two headquarters Class A buildings.

Under the terms of a Memorandum of Understanding, Welltower and Jefferson would create a joint venture whereby Welltower would acquire a stake in certain real estate assets of Jefferson.

JLL states in its year-end 2019 report on the Chicago industrial market that after some nervousness earlier in the year, large occupiers returned to the market.

The shopping center, which is anchored by grocer Stop & Shop, is located on 14.4 acres at 1600 Perrineville Road.

In his second State of the State address, Murphy said he is not giving up on enacting a "Millionaire's Tax" to ease the property tax burden on the state's middle-class and seniors and to help fund the state's public school system.

The 88,598-square-foot grocery-anchored shopping center was 96% occupied at the time of the sale, according to Institutional Property Advisors

CT acquired the 382-acre property within the Rickenbacker Industrial Park in a joint venture with Walton Street Capital. Construction financing will be provided by Bank of America.