PHILADELPHIA—Cornerstone Real Estate Advisers sold its Stone Manor Corporate Center, 2600 and 2700 Kelly Rd., Warrington, PA, to Pembroke Hobson and co-sponsor Ten Capital Management for $19.75 million.

“The property's strong occupancy and mix of high-quality tenants is expected to generate good cash flow and annual returns to our investors,” says Paul DiSandro, Ten Capital Management's portfolio manager.

The class-A office property totals 121,535 square feet and is fully occupied.

“The sale of 2600 and 2700 Kelly Road highlights the strong investor demand for well-located suburban office assets located in markets near decision makers and amenities,” said James Galbally, lead broker, Jones Lang LaSalle, who brokered the sale for Cornerstone. “Located three miles from the County Seat of Bucks County, Doylestown, Stone Manor Corporate Center has excellent access to on-site amenities including KC Prime Steakhouse, Homewood Suites and Hampton Inn hotels; as well as a planned apartment development.”

The property's strategic location allows easy access to multiple shopping centers including Wegmans, The Shops at Valley Square—with more than 35 clothing retailers, home-furnishing shops, and restaurants—Doylestown Pointe Plaza and Barn Plaza.

Additionally, there are two recreational parks within walking distance of the property that feature multiple playing ﬁelds, a playground and a beach volleyball court.

CORRECTION, 6/29/2016: This article has been updated to reflect the participation of Ten Capital Management as co-sponsor of the transaction with Pembroke Hobson.

The class-A office property totals 121,535 square feet and is fully occupied.

Additionally, there are two recreational parks within walking distance of the property that feature multiple playing ﬁelds, a playground and a beach volleyball court.

CORRECTION, 6/29/2016: This article has been updated to reflect the participation of Ten Capital Management as co-sponsor of the transaction with Pembroke Hobson.

Instant Insights /

Pembroke Hobson Acquires Stone Manor Corporate Center for $19.75M

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