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  • FINMARC MANAGEMENT COMPLETES FULL-BUILDING, 150,000 SQUARE FOOT LEASE WITH THE UNIVERSITY OF PENNSYLVANIA’S CLINICAL HEALTH CARE ASSOCIATES IN CHERRY HILL, NJ

FINMARC MANAGEMENT COMPLETES FULL-BUILDING, 150,000 SQUARE FOOT LEASE WITH THE UNIVERSITY OF PENNSYLVANIA’S CLINICAL HEALTH CARE ASSOCIATES IN CHERRY HILL, NJ
Posted on: 22/06/2015

More than $50 million in renovations and improvements planned for the building

 formerly occupied by Syms Corporation and acquired by Finmarc in 2013 

Finmarc Management, Inc., through an affiliated entity, has completed a long-term lease with Clinical Health Care Associates of New Jersey, P.C., a subsidiary of the University of Pennsylvania and Clinical Practices of the University of Pennsylvania for 150,000 square feet of medical office space at 1865 Marlton Pike in Cherry Hill, New Jersey. Acquired by Finmarc in September, 2013, the building was formerly occupied by Syms Corporation. 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.

Located on Route 70 E and near Interstate 295, the building is situated on eighteen acres of land and offers excellent road frontage and visibility. The building, which formerly functioned as a retail location for Syms Corporation, an off-price retail clothing chain, has been vacant since the company ceased operations in 2012.

Finmarc and Clinical Health Care Associates intend to invest more than $50 million worth of capital improvements to the building, which will include the installation of a new roof; heating, air-conditioning and electrical systems; tenant build-out to support the full-building use; necessary site work; a new structured garage and repaving of the existing free-standing parking lot. In addition, the exterior facade will be renovated, windows will be added throughout the building and all exterior and interior lighting will be upgraded.

“The Cherry Hill and South New Jersey/Philadelphia marketplaces are extremely attractive to us, as we recognize the tremendous opportunities that exist, as supported by a healthy and growing economic environment. It is among the key areas we have targeted to expand our five million square foot portfolio outside of the greater Washington D.C. metropolitan area,” explained Neil S. Markus, Principal of Finmarc Management.

“Our enhancement strategy was designed to re-position the former Syms building as one of the premier medical office facilities in the Cherry Hill and south New Jersey area in order to re-energize the asset into a functional new use and dramatically increase the property’s long-term value.

“The building was acquired below replacement cost and was funded utilizing a portion of the proceeds from the sale of The Shoppes of Burnt Mills, a 100% leased shopping center located in Silver Spring that was sold in 2013,” Markus added.

Finmarc Management, Inc. is a fully-integrated commercial real estate services company that focuses on the management, acquisition, leasing and development of retail centers, industrial and flex/warehouse projects, along with commercial office buildings throughout the Mid-Atlantic region. Over the last 24 months, Finmarc, along with its partners, has acquired or disposed of nearly $400 million worth of properties and the firm presently manages a diverse portfolio encompassing more than five million square of commercial space situated in Maryland, Virginia, Delaware, New Jersey and Pennsylvania. For additional information, visit www.finmarc.com.