CBRE Arranges Sale of Suburban Philly Office Park
- Jan 31, 2018
CBRE intermediated the sale of West Chester Office Plaza, a five-building portfolio located on the western outskirts of Philadelphia. The asset traded from High Associates to Maguire Hayden Real Estate Co. for $12.5 million.
The buildings, constructed between 1964 and 1976, are located at the intersection of Market Street and Westtown Road in West Chester, Pa., in close proximity to routes 2 and 202. It consists of 116,621 square feet and 454 parking spaces spread across roughly 8 acres.
“West Chester Office Plaza has been institutionally owned for more than thirty years and its buildings are exceedingly well maintained,” Adam Silverman, vice president of CBRE Philadelphia’s Commercial Investment Properties team, said in a prepared statement. “The property has built a reputation as the preferred choice for small and mid-sized tenants who want access to the downtown Borough.”
West Chester Office Plaza was 90 percent leased at the time of the transaction. The diverse tenant roster comprises 48 entities, which occupy spaces ranging from roughly 1,000 to more than 33,000 square feet. Larger tenants include American Precision Industries, Women’s Health Care Group of PA and Kinetic Prosthetics.
“The property uniquely offers ample tenant parking at a location convenient to the government buildings, shops and restaurants of West Chester Borough, the county seat,” added Senior Vice President Marzullo. “We continue to see strong interest in value-add suburban office from local investors as well as from capital outside the region seeking higher yield opportunities.”
Image via Google Street View