August 9, 2017
GTJ REIT, Inc. paid $7.6 million for a 110,000-square-foot industrial property in Cherry Hill, NJ.
The building is fully-occupied by a single company with a long-term lease. The tenant has invested to improve its space with motion-sensor LED lighting, a heavy-load racking system, a new HVAC system, an upgraded building facade and an office build-out.
“Avalon Flooring is a strong regional tenant that has been in business since 1963,” said
Kyle Schmidt, director for Cushman & Wakefield, which represented the seller and procured the buyer in the transaction. “The company’s long-term lease and infrastructure investment at 1938 Olney Ave. speaks to its commitment to the building.
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