Philly-Area Offices Trade for $13.2M
- Apr 13, 2017
The office building at 1150 Northbrook Drive in Trevose, Pa., was recently sold to a joint venture of Red River Asset Management, Advalurem Group and Lincoln Property Co. for $13.2 million, accroding to Yardi Matrix data. CBRE’s Robert Fahey, Jerry Kranzel and Erin Hannan acted on behalf of the seller, Rubenstein Partners. An acquisition loan funded by a New York City private bridge lender backed the deal.
Complete in 2007, the 107,742-square-foot Class A property features a two-story atrium lobby and a glass curtain wall. The building is located just across from various retailers within Neshaminy Mall and Horizon Shopping Center. It is also in close proximity to parks, hotels, daycare facilities, banks and public transportation, offering immediate access to main routes such as Pennsylvania Turnpike and Lincoln Highway.
According to Philadelphia Business Journal, major renovations are underway, as the new owners intend to improve the property’s conference center and add a locker room, fitness center and grab-‘n’-go café. Renovations are expected to be finished by the end of summer.
“1150 Northbrook is a true Class A building and is one of the best assets in the Bucks County office market,” Jerry Kranzel, SVP with CBRE, said in prepared remarks. Tenants like Gamesa, Office of the Comptroller and Bracket Global bring the asset to 85 percent occupancy, while the new owners are looking forward to lease up the few remaining vacant suites.
Image courtesy of Yardi Matrix