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Mid Atlantic Retina Acquires Office Buildings In Plymount Meeting, PA & Cherry Hill, NJ For $22M

Property Image
SOLD
$22,000,000

New Jersey

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Office49,787 SF
Sold 07/15/2022
the dealplayerscompscontact
Property Image
SOLD

Mid Atlantic Retina Acquires Office Buildings In Plymount Meeting, PA & Cherry Hill, NJ For $22M

8 Ranoldo Terrace, Cherry Hill, New Jersey 08034, United States

See Similar Deals
Office49,787 SF
Sold 07/15/2022
the dealplayerscompscontact
Contact now

Summary

NEW JERSEY
Asset Type:Office
Price Per Square Foot:$441
Total Square Footage:49,787 SF
Transaction Type:Sale

The office property located at 4060 Butler Pike & 8 Ranoldo Terrace in Plymount Meeting, PA & Cherry Hill, NJ has been sold in a transaction. The property is spread across 49,787 square feet and was sold for a total sales price of $22,000,000. The buyer of the property is Mid Atlantic Retina, while the seller is Welltower Inc. The transaction took place on July 15, 2022. The sale price of the property equates to $442 per square foot.

Summary of transaction details

  • Property Type: Office
  • Transaction Amount: $22,000,000
  • Square Footage: 49,787
  • Buyer: Mid Atlantic Retina
  • Seller: Welltower Inc.
  • Broker: Scott Martin - Avison Young

Scott Martin from Avison Young represented both the buyer, Mid Atlantic Retina, and the seller, Welltower Inc., in this transaction.

Players

Scott Martin
Avison Young
Scott Martin
6 deals$45.2M volume
BROKER
MR
Mid Atlantic Retina
BUYER
WI
Welltower Inc
SELLER

Details

SOLD
IMAGE: Scott Martin DATE: 07/15/2022 ADDRESS: 4060 Butler Pike & 8 Ranoldo Terrace MARKET: Plymount Meeting, PA & Cherry Hill, NJ ASSET TYPE: Office BUYER: Mid Atlantic Retina SELLER: Welltower Inc. BROKER: Scott Martin - Avison Young (@Avison_Young_Global) SALE PRICE: $22,000,000 SF: 49,787 ~ PPSF: $442

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$1,173,333.33

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$78,161.35
Cash-on-Cash Return-1.27%
Monthly Debt Service$104,291.22
Annual Debt Service$1,251,494.69