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

The full content of this article is only available to paid subscribers. If you are an active subscriber, please log in. To subscribe, please click here: SUBSCRIBE

Existing Users Log In
   
error: Content is protected !!
error: Content is protected !!