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CHERRY HILL, NJ-Advance Realty Group has sold its Riverview Corporate Center, an 81,500-sf, class A office building here. The Bedminster-based firm shed the property, its only asset in the submarket, for $11.8 million, which factors out to nearly $145 per sf. The buyer is Greentree Office Park-NJ LLC, a Marlton-based group.

In the transaction, senior directors James Vesey, James Sheehan, Jerome Kanzel and Kirk Miller of Cushman & Wakefield teamed up to represent Advance Realty. The property had been listed exclusively with C&W. Buyer Greentree was represented by Grubb & Ellis.

At the time of the sale, the building was 100% occupied by aerospace giant Lockheed Martin, which utilizes the space for its Advanced Technology Laboratories and Information Systems & Global Services groups. Advance Realty had re-signed Lockheed Martin to the full building occupancy on a long-term basis in 2006.

“Advance was successful in extending the lease, and they made a strategic decision to dispose of their only asset in the Philadelphia region,” says Vesey, who’s with C&W’s Capital Markets Group. “The Southern New Jersey office market is one of the best performing markets in the Philadelphia suburbs.”

The South Jersey submarket’s direct office vacancy rate at year’s end 2006 was 10.8%, according to C&W’s data, “the lowest it’s been in two and a half years,” Vesey says. “Riverview represented an opportunity to purchase an office building that was 100% leased to a credit tenant.”

Riverview Corporate Center was in the portfolio of Advance Realty for not quite four years. As reported by GlobeSt.com, Advance bought the building in June 2003 for an undisclosed price from a local investor group. Then, as now, Lockheed Martin occupied the entire property. At the time of the acquisition, Advance officials had indicated it was the start of the company’s move into the South Jersey market.

Located on Route 70 in this Camden County township, the four-story, “H” shaped building was constructed in 1985. It features a brick and glass exterior, and the first and second floor lobbies overlook an open atrium.

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