Transactions: LaSalle acquires 150,000 s.f. MOB

Price was $81.8 million for repurposed former retail store in Cherry Hill, N.J.

By John B. Mugford

LaSalle Investment Management acquired a 150,000 square foot repurposed former retail store from Finmarc Management for $81.8 million. (Photo courtesy of Penn Medicine)

When Bethesda, Md.-based Finmarc Management Inc. acquired a vacant Syms department store building on an 11-acre in a heavily trafficked area of Cherry Hill, N.J., for $4.75 million in 2013, it had a number of options for transforming the building.

According to local news media reports, the options included redeveloping the 150,000 square foot facility, a former discount store, for restaurants and retailers, or razing it for something else.

But after buying the property just a mile from U.S. Interstate 295, the full-service real estate firm focused on developing, owning, managing and leasing real estate in the Mid-Atlantic Region, landed a large tenant to take all of the building.

That tenant was

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