51 Haddonfield Road Features Move-In Ready, Pre-built Office Spaces for Tenants
NEW YORK (April 2012) – New York-based Time Equities, Inc. (TEI) in a joint venture with Bergman Realty Group recently purchased 51 Haddonfield Road, a 100,000-square-foot office building in Cherry Hill, New Jersey for $3,400,000.
51 Haddonfield Road is conveniently located just minutes from Center City Philadelphia near the Benjamin Franklin and Betsy Ross bridges and is located adjacent to the Cherry Hill Mall. The property features a glass atrium, café, on-site building manager, fitness center, ample parking and outdoor picnic spot. Time Equities and Berman Realty Group plans to embark on an extensive capital improvement campaign to upgrade areas of the property, including the parking lot and lobby. As part of TEI’s Art in Buildings program, TEI will create a rotating art gallery of work by local and national artists.
“Through a purchase of a non-performing note, we were able to restructure the deal alongside Bergman Realty Group, and enter at a basis that we feel will allow us to aggressively price lease rates. While Cherry Hill has suffered from the same malaise as the broader economy, our long term approach to ownership gave us comfort in investing in a market that others were exiting,” said Aaron Medeiros, Director of Acquisitions at Time Equities. “We hope to find other opportunities to recapitalize groups who have the ability to restructure their capital stack, but lack the necessary liquidity that is required for these types of transactions.”
51 Haddonfield Road offers office space ranging from 1,200 square feet to 22,000 square feet available for immediate lease. Many of the 1,200 square feet to 3,000 square feet spaces are pre-built and move in ready for tenants. Asking rents start at $16.50 per-square foot. The brokerage team of Grubb & Ellis Senior Vice President Anne Klein and Associate Vice President Brian Sherlock will oversee leasing for the property.
“We are excited to form this relationship with Time Equities, which is well regarded in the commercial real estate industry and has a proven track record of creating value for turnaround properties such as 51 Haddonfield,” said Michael Bergman, president and CEO for Bergman Real Estate Group. “Our partnership is well capitalized and has the experience needed to successfully reposition the property through enhancements and an aggressive leasing campaign.”
To learn more about leasing opportunities at 51 Haddonfield Road, contact Anne Klein at 856-334-2110 or Brian Sherlock at 856-334-2111.
About Time Equities, Inc.
Founded in 1966, privately-held Time Equities, Inc. (TEI) has been in the real estate investment, development and asset & property management business for more than 40 years. With properties in 26 states, four Canadian provinces and Germany, the TEI portfolio consists of approximately 23.4 million square feet of residential, industrial, office and retail property.
About Bergman Real Estate Group
Bergman Real Estate Group is a privately owned real estate investment and management firm that specializes in the acquisition, management, leasing and construction of commercial office properties throughout New Jersey. Since its formation in 1988, Bergman Real Estate Group has earned a solid reputation as a leader in the New Jersey commercial office market with a current portfolio consisting of 19 office buildings comprising 1,800,000 square feet, including several New Jersey properties where Bergman provides third party leasing services to private owners. Bergman also owns two additional office buildings in Columbus, Ohio totaling 240,000 square feet. The company continues to actively pursue value-added investment opportunities in the marketplace.
