JOSS Buys Suburban Philly Office Assets
- Nov 13, 2017
JOSS Realty Partners has made its first suburban investment in more than a decade by acquiring One and Two Pitcairn Place in Jenkintown, Pa. Business consulting company Pitcairn sold the two Class A office buildings for a combined $12.1 million. The sale was funded through a loan financed by Beneficial Bank. Additionally, the new owner will handle the management and leasing services for both buildings and plans to renovate the assets.
Located at 165 Township Line Road, the properties comprise a total of 103,048 square feet of space. According to Yardi Matrix, they were built in 1984 and 2000, and feature a fitness center and a full-service cafeteria. The properties are 99 percent leased to multiple long-term tenants, including Pitcairn Trust, Sightlines, Wells Fargo Advisors, National Philanthropic Trust, Oppenheimer & Co. and Raymond James.
Strong leasing fundamentals
The nearby Jenkintown-Wyncote station and multiple SEPTA lines provide easy access throughout the area. Center City Philadelphia is a 30-minute train ride away from the property. Neighborhood amenities include eateries, cafes, parks, schools and universities, and banks.
“JOSS seeks boutique office acquisition opportunities in major metropolitan areas and submarkets where supply constraints and strong leasing fundamentals exist,” JOSS Realty Founding Partner Larry Botel said in a prepared statement. “Pitcairn Place meets all of those investment criteria while providing strong value-add opportunities to our investors.”
In a recent deal, JOSS Realty sold a creative office building in Santa Monica, Calif., for a record-breaking price.
Image courtesy of Yardi Matrix