The transaction is essentially a sale-leaseback, with the seller, Advanta Business Services Corp. continuing to occupy one full floor of the three-story building. CD Laurel Oak Associates, a real estate investment and management company based in Pennsauken, NJ, intends to hold the property as a long-term investment, according to a spokesman for the firm.
Kirk Miller, James Vesey and Joseph Vizza of the Philadelphia office of Cushman & Wakefield of Pennsylvania served as the brokers for both sides in the transaction. Cushman & Wakefield and the new owner are currently actively marketing the first and second floors of the building.
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