Thank you for sharing!

Your article was successfully shared with the contacts you provided.

CHERRY HILL, NJ-Bergman Real Estate Group and investment partner Maguire & Partners Property Group have teamed up to buy 51 Haddonfield Rd., a three-story, 96,419-sf office building here. The sale price of $11.5 million factors out to $119 per sf.

The seller was the Dallas-based Invesco. The deal was brokered on behalf of the seller by SVP Michael Blunt and EVPs Michael Hines and Robert Fahey of the Philadelphia Region’s CB Richard Ellis Investment Property-Institutional Group.

The asset is one of four buildings that make up the Colwick Business Center, and the latest sale gives the Iselin, NJ-based Bergman complete control of the campus. As reported by GlobeSt.com, the company acquired the other three buildings in 2006 from New York-based Praedium Group and Bala Cynwyd, PA-based Endurance Real Estate.

The three buildings sold earlier total 171,000 sf, and the sale price of $22.4 million worked out to $131 per sf. The CBRE broker trio orchestrated that earlier sale as well. Praedium and Endurance only had an 18-month hold on the building, having acquired them in late 2004 for $15.2 million.

As far as 51 Haddonfield Rd., “the building is 80% leased, and provides excellent leveraged return opportunities and stellar rent roll because of its diverse and quality tenancy,” says a spokesman for the buyer. Recent capital improvements have been made to the building as well, including new roofs, HVAC upgrades and parking area resurfacing.

“Bergman and Maguire have essentially acquired a quality mid-rise office building which recently underwent substantial improvement,” Blunt confirms. “It has achievable upside potential and a location in one of Cherry Hill’s best corridors. It also allows Bergman to control Colwick Business Center in its entirety, which is an absolute competitive advantage.”

Part of that upside potential is the 19,000 sf still available for lease, space that’s currently listed with an asking price of $20.50 per sf. Existing tenants include Nations Home Mortgage Comcast, Commonwealth Land Title, Manpower International and Stifel Nicolaus & Co.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.