Jones Lang LaSalle
96,000-SF Mixed-Use Building Sells for $4M
By Eric Peterson
Last updated: February 14, 2006 08:19am
(For more retail coverage, click GlobeSt.com/RETAIL.)
VOORHEES, NJ-Develcom has acquired the Coliseum, a 96,000-sf recreational/commercial facility for $4 million, or approximately $42 per sf. The Deptford-based real estate investment company plans to redevelop the property as a multi-use recreational complex. In an earlier life, the Coliseum served as the original practice facility for the Philadelphia Flyers NHL hockey team.
The property’s seller, Redevelopment Group V, a local organization, was represented in the sale by David Vender and Jerry Ward of Colliers Lanard & Axilbund of Philadelphia. Colliers L&A had been managing and leasing the facility prior to the sale’s closing, and Develcom will retain the firm to lease the facility.
What Develcom has in mind is “an upscale development with multi-uses,” Vender says. “The property will be marketed to various health and wellness users, as well as medical and professional offices and to community organizations.”
The facility, which sits on 22 acres at 333 Preston Ave. in this South Jersey community and is expandable, already contains an Olympic roller rink, Olympic outdoor and indoor pools, a health club and fitness center and a variety of professional offices. According to Vender, Develcom is currently working with township officials to make the renovated facility available to neighborhood youth leagues. Prospective users already in negotiations to lease space include the Youth Soccer Alliance and Hurricane’s Swimming Inc.
96,000-SF Mixed-Use Building Sells for $4M
By Eric Peterson
Last updated: February 14, 2006 08:19am
(For more retail coverage, click GlobeSt.com/RETAIL.)
VOORHEES, NJ-Develcom has acquired the Coliseum, a 96,000-sf recreational/commercial facility for $4 million, or approximately $42 per sf. The Deptford-based real estate investment company plans to redevelop the property as a multi-use recreational complex. In an earlier life, the Coliseum served as the original practice facility for the Philadelphia Flyers NHL hockey team.
The property’s seller, Redevelopment Group V, a local organization, was represented in the sale by David Vender and Jerry Ward of Colliers Lanard & Axilbund of Philadelphia. Colliers L&A had been managing and leasing the facility prior to the sale’s closing, and Develcom will retain the firm to lease the facility.
What Develcom has in mind is “an upscale development with multi-uses,” Vender says. “The property will be marketed to various health and wellness users, as well as medical and professional offices and to community organizations.”
The facility, which sits on 22 acres at 333 Preston Ave. in this South Jersey community and is expandable, already contains an Olympic roller rink, Olympic outdoor and indoor pools, a health club and fitness center and a variety of professional offices. According to Vender, Develcom is currently working with township officials to make the renovated facility available to neighborhood youth leagues. Prospective users already in negotiations to lease space include the Youth Soccer Alliance and Hurricane’s Swimming Inc.
posted by Jones Lang LaSalle NJ News Blog at 3:30 PM
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