Newmark has announced that its Philadelphia Capital Markets team has successfully completed the sale of 9 North Olney Avenue. Newmark’s Mike Margolis and Dave Dolan, in cooperation with Dave Garonzik, Kenneth Zakin and David Noonan, represented the seller in the $13.58 million trade of the property located in Cherry Hill, New Jersey.
The 183,000-square-foot warehouse, office, distribution and lab space building was 100 percent occupied by a single tenant, Hikma Pharmaceuticals, at the time of sale. The property is a mission-critical site for the tenant, featuring a premier transit-oriented location in close proximity to Exit 34 of I-295 and Exit 4 of the New Jersey Turnpike. The site also provides easy access to Routes 73, 70 and 38, nearby regional malls, retail amenities, hotels and restaurants.
The asset provides the investor the ability to enter a highly sought-out, passive single-tenant, mission-critical location featuring a deeply rooted corporate infrastructure with abundant on-site parking.
Newmark (“Newmark”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 16,000 professionals operate from approximately 430 offices on six continents. Newmark’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.
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