Finmarc Management Inc. plans to spend $50 million
renovating a building in Cherry Hill, N.J., where a division of the University
of Pennsylvania has signed a long-term lease on 150,000 square feet.
Clinical Practices of the University of Pennsylvania took
the long-term lease at 1865 Marlton Pike and will back fill space vacated in
2012 by Syms Corp., which vacated the property when its parent company filed
bankruptcy in 2011. The property had been occupied by a Syms retail outlet.
Finmarc Management of Bethesda, Md., bought the building,
which sits on 11 acres, in 2013 for $4.75 million and wasn’t sure which
direction to take the building. Among its options was to lease it to multiple
tenants, redevloping it so that it could accommodate a variety of uses such as
restaurants and other retailers and even tearing it down and starting anew.
In the end, Finmarc was able to land a big tenant and
will redevelop it into a medical office building. Penn plans to consolidate
several medical practices into the space.
Among the improvements the landlord will pursue include a
new roof, HVAC systems, facade, windows as well as a newly constructed parking
garage and repaving the surface parking lot.
Fred Berlinsky of Markeim-Chalmers Inc. represented
Finmarc Management Inc. and Tom Hummel and Dean Geis of NAI Geis Realty Group
Inc. represented the tenant in this transaction.
Source: Philadelphia
Business Journal
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