Suburban Office Park Sale Reaches Pre-Recession Level

A new owner has emerged for the Plymouth Woods Office Center, a five-building office park at 521-531 Plymouth Road in Plymouth Meeting, Pa.

A new owner emerged for the Plymouth Woods Office Center, a five-building office park at 521-531 Plymouth Road in Plymouth Meeting, Pa.

Plymouth Woods Office CenterAccording to the Philadelphia Business Journal, Exeter Property Group recently acquired the 188,360-square-foot property from GPX Realty of Wayne, Pa. for about $20 million.

Sources and rough estimates show that this is approximately the same amount the asset traded for at the peak of the real estate market in 2007. At the time, GPX Realty bought the complex, along with the Woods Office Center, a 370,000-square-foot facility off Old Eagle School Road in Wayne, for a combined $60 million.

Exeter now plans to bring several exterior and interior upgrades to its new Plymouth addition, in order to reposition this asset in the area’s strong office market. The renovation will also include the lobbies, restrooms and common areas. Beneficial Bank and Coca Cola are among the property’s tenants.

Exeter owns mostly industrial facilities, but intends to add more office assets to its portfolio in the near future. The company currently owns office properties in several other areas, including Malvern, Pa., Conshohocken, Pa., Baltimore and other cities.

“We have always been in the office business,” Ward Fitzgerald, president & CEO of Exeter, told the newspaper.

Robert E. Yoshimura, Joseph B. Hill and R. Eric Mattson Jr. with Cushman & Wakefield and Gene McHale and Colin McHale of Beacon Commercial Real Estate represented GPX Realty in the transaction.

Photo credits: GPX Realty