A New York-based investor is looking to offload three South Jersey office properties, each nearly 90% occupied.
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Zamir Equities is seeking $41.7M for two buildings in Mount Laurel and a third in Cherry Hill spanning more than 315K SF, the Philadelphia Business Journal reported.
The company is seeking $17.3M for the 121,600 SF LibertyView Office Tower at 457 Haddonfield Road in Cherry Hill, $12.7M for the 99,500 SF Atrium I at 1000 Atrium Way in Mount Laurel, and $11.7M for the 95K SF Executive Plaza down the road at 1120 Route 73.
These are all bumps from when Zamir bought the buildings from Brandywine Realty Trust between 2015 and 2016, when LibertyView sold for $17M and Atrium I and Executive Plaza went for $11.3M and $9.5M, respectively.
A Marcus & Millichap team including Alan Cafiero and Chez Elder has been tapped to market the properties.
Camden and Burlington counties had office vacancy rates of 15.8% and 14% last quarter, compared to 19.2% across greater Philadelphia, according to Cushman & Wakefield. Move-outs in the two counties outpaced move-ins by 130,300 SF, the brokerage found.
Vacancy is down from 17.6% and 14.8% in the same period last year in Camden and Burlington counties, respectively.
There are no new office buildings under construction in South Jersey or anywhere else in greater Philadelphia.
But officials representing Camden County, which leased 64K SF at 3 Executive Campus in Cherry Hill last quarter, aspire to build a new trophy office tower in the city of Camden.
They spent $4.7M on a parking lot there earlier this year and tapped Gilbane to conduct preliminary site work for a 500K SF office tower.
CBRE Research Manager Jordan Katz said he saw a lane for the project to lease up well if it comes to fruition, given high demand for trophy space in greater Philly and the region’s barren construction pipeline.
