Advance Buys 81,500-SF Office Building

CHERRY HILL, NJ-The Advance Realty Group has, for a number of years, been a key owner/developer in the northern half of the Garden State, and its newest acquisition could be the start of the company’s move into the same role in the southern portion of the state. The Bedminster, NJ-based firm has just picked up Riverview Corporate Center, an 81,500-sf class A office building located in this suburban Philadelphia community.

“We are excited to be growing our portfolio with our first acquisition in the southern New Jersey office market,” says Gary J. Sopko, a managing director for Advance. Sopko, along with regional asset manager Joseph Petriello, arranged the transaction in-house on behalf of the new owner.

Cushman & Wakefield of Pennsylvania represented the seller of the asset, who was not identified. The parties involved declined to release the financial details of the transaction, including the sale price.

“We look forward to continuing to expand our presence throughout this region, as well as throughout the Northeast Corridor,” Sopko adds. His company, which besides its headquarters location has a regional office in Trenton, currently has an operating portfolio of five million sf of office, flex, industrial, retail and multifamily properties, as well as a development portfolio of some eight million sf of commercial projects and 3,500 residential units.

The four-story Riverview Corporate Center, which is located on South Jersey’s Route 70 near the New Jersey Turnpike and I-295, and about 10 minutes from Center City Philadelphia, is currently 100% occupied by Lockheed Martin Corp. Ranked as the top US defense contractor by dollar volume, ahead of even Boeing and Grumman, the company produces communications, management and control systems for the aeronautics and aerospace industries.