JLL Capital Markets brokered the $17.4 million sale of Colwick Business Center, a three-building office complex in Cherry Hill, New Jersey. An undisclosed Brooklyn-based firm acquired the portfolio from a joint venture between Endurance Real Estate Group and Blue Vista Capital Management. JLL Executive Vice President Brett Grifo led the sale, along with Managing Directors Jim Galbally, John Plower and Chad Orcutt.
The three-building office portfolio totals over 172,500 square feet and is 90 percent leased to a diverse tenant roster with over six years of weighted average lease term. Its central Cherry Hill location provides immediate access to many area amenities, including hotels, restaurants and the Cherry Hill Mall. It also provides direct access to southern New Jersey’s highway system, including the New Jersey Turnpike, Interstate 295 and Routes 38, 70 and 73.
“The Colwick Business Center offers investors a rare opportunity to acquire stable, in-place cash flow along with the ability to enhance portfolio value with a lease-up of the portfolio’s remaining vacancy in a strong submarket,” said Grifo.
“We’re very hands-on when it comes to our acquisition strategy. We invest in under-performing assets with potential and reposition them, which is exactly what we accomplished by securing a long-term credit tenant in our largest available unit last year.” said Endurance Senior Vice President Albert J. Corr. “Thanks to our partnership with the Colliers leasing team of Evan Zweben, Brian Sherlock and Christina Del Duca, we were able to maximize ownership value and stabilize the park.”
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of over 91,000 as of March 31, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Endurance Real Estate Group
Endurance Real Estate Group, LLC (www.endurance-re.com), formed in 2002, is a Radnor, Pennsylvania-based real estate owner/developer focused on income and value add industrial opportunities located in the Mid-Atlantic region. Since its formation, the company has acquired and developed over $700 million of assets totaling 12.5 million SF and sold over 6.2 million SF with a combined value of $350 million. Endurance currently owns and operates a portfolio totaling nearly 5.0 million square feet consisting of 56 buildings. Existing space includes 3.8 million square feet of industrial and 1.2 million square feet of flex/office space. Endurance is currently developing 2 MSF of distribution buildings in several projects in varying building sizes from 176,000 SF up to 1.1 MSF.
About Blue Vista Capital Management
Blue Vista (www.bluevistallc.com) is a leading investment management firm focused on helping investors maximize returns through best-in-class real estate strategies in student housing, middle market equity and middle market lending. Blue Vista offers investors the benefits of a vertically integrated platform, complementary strategies managed by experienced teams, and deep expertise as an owner, operator and lender. Since its inception in 2002, the firm has invested over $9.0 billion in total capitalization, with the goal of challenging the status quo, setting high standards and bringing a relationship-based, client-focused approach to real estate investing.