West Hempstead, New York-based real estate investment trust GTJ recently announced it has acquired a 109,700-square-foot property in Cherry Hill currently serving as Avalon Flooring’s training and distribution facility for New Jersey, Pennsylvania and Delaware.
“The acquisition of this property in Cherry Hill is part of our longstanding strategy to purchase well-located properties along the Northeast corridor, with superior risk-adjusted returns,” CEO of GTJ Paul Cooper said. “We believe the property’s key location off of Interstate 295 and Exit 4 of the New Jersey Turnpike, combined with Avalon’s upgrades and improvements, make this an appealing property for our first investment in southern New Jersey.”
The property, located at 1938 Olney Ave., is part of the Cherry Hill Business Park, which totals 1.9 million square feet. GTJ said the Camden County and southern New Jersey markets remain strong, at 97 percent and 94 percent occupancy, respectively.
“We are pleased to add this property to our growing portfolio and look forward to further expanding our footprint in New Jersey,” GTJ President and Chief Operating Officer Louis Sheinker said. “We will look for similar investment properties in the surrounding tri-state area that have attractive lease terms, appropriate rent levels and large, stable corporate tenants in the near future.”
GTJ said it now owns 48 properties totaling more than 5.6 million square feet.
Financial terms were not disclosed.