The newest acquisition is approximately 20 years old and was about 40% leased at the close of the sale, according to Paul Touhey, a senior associate in the Wayne office of CB Richard Ellis. He, CBRE SVP Steve Italiano, and first VP Len Redeyoff represented BSI and were the only brokers in the deal.
"The location near its previous buy was the sole reason for this acquisition; no other factors were considered," Touhey says. The buyer has repositioned the 30,000-sf, class C industrial asset into a class A office building that is now fully leased. Plans for the newer acquisition have not been established.
The buildings are within minutes of routes 422, 202, 76 and 23, and they are also near numerous hotels, restaurants and the upscale King of Prussia Mall. This submarket is one of the priciest office markets in the Philadelphia suburbs. A second-quarter report from Studley puts the average asking rent rate at $27.92 per sf, while a Grubb & Ellis report puts the class A rate at $27.19 per sf.
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