Maguire Hayden Snags Foreclosed PA Office Campus
- Aug 24, 2018
Maguire Hayden Real Estate Co.’s suburban Philadelphia acquisition spree continues with the purchase of Cassford Corporate Center, a 131,509-square-foot office campus in Berwyn, Pa. The firm recently purchased the property for $9.3 million in a foreclosure transaction, after its previous owner, Trinity Capital Advisors, defaulted on a $21.6 million loan originated by JPMorgan Chase, Yardi Matrix data shows.
Cassford Corporate Center comprises five buildings built between 1987 and 2001. The campus was vacant at the time of the sale, following the relocation of Vortex Inc., which had been occupying it entirely since its completion.
Located at 1001, 1031, 1041, 1051 and 1061 Old Cassatt Road, in the heart of the 202 Corridor, the property is minutes away from major thoroughfares including routes 422 and 252, the Pennsylvania Turnpike and the Schuylkill Expressway. Neighborhood amenities include eateries, retailers and shopping centers, and downtown Philadelphia is 20 miles away.
CBRE Executive Vice President Peter Stevens represented the seller in the transaction.
Image courtesy of Yardi Matrix