SOUTH JERSEY

Investor group buys Waterfront building

Jim Walsh

@jimwalsh_cp

CAMDEN - An investor group said Monday it purchased an office building on Camden's Waterfront for $16.5 million.

The acquisition of the four-story, 100,000-square-foot Ferry Terminal Building reflects confidence in the city's prospects, said the group, which includes family members of Cooper University Health Care Chairman George E. Norcross III.

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Norcross, who is also South Jersey's Democratic boss, said the Ferry Terminal Building in 2007 became "the first privately financed office building" in Camden in almost 50 years. He noted private-sector development has surged in recent years, in part due to lucrative tax incentives.

“It is amazing how far this city has come in just a few short years, but I believe the best is yet to come," said Norcross.

An investors' group on Monday said it had paid $16.5 million for Camden's Ferry Terminal Building.

Tenants in the building include BB&T, Catapult Learning and Webimax. The sale took place Sept. 15, it said.