Three Executive Campus, a six-story, 430,995-square-foot office building in Cherry Hill, N.J., has come up for sale. It could go for an estimated $28 million.
Madison Capital, a New York investment firm, bought the first mortgage on the property off Route 38 and foreclosed on it in May 2011. At the time, the building was about half empty and in need of a capital infusion. Madison upgraded the lobby, elevators, parking lot and made other improvements totaling $1.25 million.
The owner also managed to fill up some of the empty space with several marquis tenants. Lockheed Martin anchors the building and occupies 125,000 square feet. Campbell Soup Co., Cooper Health System, Subaru of America and Rutgers University also lease space in the property. The building is 71 percent occupied.
The property sits in the Cherry Hill Executive Campus, which consists of six buildings totaling more than 900,000 square feet.
Robert Fahey and Jerry Kranzel of CBRE Inc. are marking the property for sale.
Source: Philadelphia Business Journal
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