Suburban Philly Office Building Fetches $31M

The 169,163-square-foot River Park I in Conshohocken, Penn., previously served as a paper mill and was converted to office in 2001.

 By Corina Stef

River Park I, Conshohocken, Penn.
River Park I, Conshohocken, Penn.

FD Stonewater has acquired River Park I, a 169,163-square-foot office building in Conshohocken, Penn. According to Yardi Matrix, The Buccini/Pollin Group disposed of the property for $30.6 million. The sale was funded by a $20.3 million loan financed by Starwood Capital Group.

The four-story asset previously served as a paper mill until 2001 when it was converted into an office building. It currently features contemporary interior finishes, a café, riverfront views, 860 parking spaces and walking trails. Additionally, it is completely occupied by Reimbursement Technologies Inc. The property is located at 1000 River Road, adjacent to the Miquon Station, and offers direct access to the SEPTA Regional Rail.

Strong property fundamentals

CBRE Capital Markets Executive Vice President Robert Fahey, Senior Vice President Jerry Kranzel and Associate Erin Hannan represented the seller in the transaction. The CBRE Debt & Structured Finance team of Vice President Nick Harris and Senior Vice President Steven Doherty acted on behalf of the buyer. In a recent deal, the same team secured a loan for another single-tenant office building in Cherry Hill, N.J.

“The demand for single-tenant office buildings with over ten years of term remains extremely strong,” Kranzel said in a prepared statement. “Buyers were particularly attracted to the River Park I opportunity because of the strong fundamentals of the Conshohocken office submarket and the commitment of RTI, who was an original tenant of the building in 1999, to expand and extend their lease term through the years.”

The property previously changed hands in 2005, when The Buccini/Pollin Group acquired it from redeveloper Preferred Sands, as part of a 22-property, $350 million portfolio, Yardi Matrix data shows.

Image courtesy of CBRE