News
51 Haddonfield Lives
May 29, 2012
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| What a deal: Cherry Hill's 51 Haddonfield Dr, a once-thriving 100k SF office building, was less than 25% leased at its lowest point. (It got very lonely for that ballet-dancing statue.) Recently, Time Equities partnered with Bergman Realty Group to buy the mortgage for a mere $3.4M. BRG had previously owned the building's note in a JV with the Bala Cynwyd-based Maguire Partners; the two firms paid $11.6M when they picked up the property back in 2008. |
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| "I think the price we paid for [the building] kind of tells the story of the economy," says Time Equities' Aaron Medeiros (left). Aaron also tells us significant property renovations are already under way at 51 Haddonfield and that a program known as Art in Buildings—featuring a rotating art from the collection of Time Equities chairman Francis Greenburger (right)—will also be part of the renovated property. |
