Joint venture buys New Jersey business park

The Praedium Group, a New York City-based national real estate investment firm, announced today a joint venture acquisition with Pennsylvania-based Endurance Real Estate Group to purchase the Colwick Business Center in Cherry Hill, N.J.

The value of the transaction was $15.2 million.

Built in 1987, the office property, located at 53, 55 and 57 Haddonfield Road, consists of three single-story buildings amounting to 169,896 square feet. At the time of purchase, the property was 86 percent occupied.

Endurance Real Estate Group LLC is a real estate investment firm operating in Philadelphia and the surrounding area.

***

What's your opinion? Send your Letter to the Editor to opinion@inman.com.

All rights reserved. This content may not be used or reproduced in any manner whatsoever, in part or in whole, without written permission of Inman News. Use of this content without permission is a violation of federal copyright law.