NJ-Based Investor Buys Blue Bell, PA Office Complex for $34M
The buildings total 196,273 square feet of office space and were 93% leased to 23 tenants at the time of sale.
BLUE BELL, PA— Keystone Property Group of Conshohocken, PA has sold the 4 and 5 Sentry Park office buildings here for $34 million.
The buildings total 196,273 square feet of office space and were 93% leased to 23 tenants at the time of sale. A Keystone spokesperson confirms that Hudson Equities of Jersey City, NJ acquired the properties.
The sales transaction was brokered by Adam Gillespie of Avison Young.
Gillespie says that the property drew interest from investors due to the growing rental demand spilling over into Blue Bell from nearby Conshohocken and Plymouth Meeting markets. He adds that the average in place rent within the portfolio is 40% less than comparable space in surrounding markets.
Since taking ownership in 2013, Keystone Property Group deployed nearly $5 million in capital upgrades including significant functional and cosmetic upgrades to transform the office park into a state-of-the-art commercial facility.
“The campus at 4 & 5 Sentry is a perfect example of Keystone’s core mission of transforming outdated suburban office properties into dynamic commercial destinations where modern companies can thrive and succeed in the 21st century,” says Rich Gottlieb, president and COO of Keystone Property Group.
The enhancements undertaken by Keystone included: a new first-class amenity area with a fitness center, conference rooms, a lounge area, an onsite grab-and-go; a new outdoor patio with seating; a roof deck; an expanded entrance for the property’s eastern building, 5 East, including a new curtain-wall façade and two-story atrium lobby; a refreshed lobby at 5 West and significant upgrades to the property’s landscaping.