Suburban Philly Office Buildings Sell for $36M
- Jun 26, 2017
SSH Real Estate represented four different sellers in the disposition of their office assets located in suburban Philadelphia. The seven properties traded for a combined $36 million. The buildings were purchased through 1031 exchanges by investors looking for rent-stabilized properties. SSH’s Dan Mayock, Tyler Berlinsky, Mike Montemuro and Angel Lin brokered the sales.
The properties in question are:
- 456 Creamery Way in Exton, Pa., a 47,604-square-foot flex building completed in 1987. The property has been fully occupied by Neutronics since 1992 and it is located in the vicinity of schools, banks, eateries and retailers. The buyer was represented by Vista Realty Partners Principal Jeff Duffy. According to PropertyShark, it last traded for $4.5 million last December.
- 100 Campbell Blvd. in Exton, Pa., a 30,824-square-foot office building anchored by Keller Williams. The tenant roster also includes Elite Dental Care and First Land Transfer. The single-story property was now sold to Posh Construction for $5.5 million, PropertyShark data shows.
- 468 and 486 Thomas Jones Way in Exton, Pa., two properties offering a total 80,306 square feet of office space. Both are leased to Collegium Charter School. According to public records, Gorman & Co. purchased the buildings for $15.2 million after being forced to sell two other properties leased to the school due to purchase options in the leases.
- 1025 Andrew Drive and 1234 West Chester Pike in West Chester and 3409 West Chester Pike in Newtown Square, Pa., comprising a total of 70,473 square feet of office space. Berkshire Hathaway occupies two of the buildings, while all of them face major highways such as Route 202 and West Chester Pike. The buyer had sold a parking garage in Philadelphia prior to this deal. SSH was awarded the property management and leasing assignments for this portfolio.
Image courtesy of Yardi Matrix