Three Executive Campus trades for $29M

A partnership from New York bought Three Executive Campus, a six-story, 430,995-square-foot office building in Cherry Hill, N.J., for roughly $29 million.

The name of the buyer wasn't disclosed though several sources confirmed the transaction. The building, one of the largest office properties in South Jersey, has been on and off of the market for the last couple of years and faced challenges.

The seller, 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 stepped up and invested $1.25 million making renovations to the lobby, elevators, parking lot and other areas.

The building needed it. It was originally constructed in 1974 and was once fully occupied by Stone & Webster. At one point, the structure was referred to as the Stone & Webster building.

The renovations Madison embarked on helped lure new tenants to the property and what was vacant space is now occupied 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 other companies also lease space in the property, according to Anne Klein, an office broker with Newmark Grubb Knight Frank who helped arrange many of those leases.

The property sits in the Cherry Hill Executive Campus, which consists of six buildings totaling more than 900,000 square feet.

Source: Philadelphia Business Journal