PNL Cos. Sells Suburban PA Office Building
- Feb 22, 2019
PNL Cos. has sold Malvern Executive Center, a 91,190-square-foot office building in Malvern, Penn. The Class A property traded for $15.5 million.
Located on nearly one acre at 100 Deerfield Lane, the building sits close to the Great Valley Corporate Center, retailers, eateries, cafes, a golf course, banks and entertainment options. Major thoroughfares such as routes 30, 202, 401 and 422, as well as interstates 476 and 76 provide easy access throughout the area.
Malvern Executive Center features abundant parking and a state-of-the-art fiber optic cabling system. At the time of the sale, the asset was 73 percent occupied by ten tenants, with the average lease being five years and one month. The most notable tenants include USA Technologies, which occupies 25 percent of the property, Fox & Roach, which takes up 16 percent of the total space, AIS Insurance Group and AllianceTek.
A Newmark Knight Frank Philadelphia Capital Markets team of Mike Margolis, Dave Dolan, Dave Garonzik and Jim Dugan represented the seller in the transaction. Earlier this month, the brokerage company arranged the sale of a San Diego office complex.
According to Yardi Matrix data, the property previously traded in December 2014, when PNL Cos. purchased it through foreclosure from Wells Fargo Bank.
Image courtesy of Yardi Matrix