Suburban Philly Office Parks Command $44M

KING OF PRUSSIA, PA-Two office parks here, formerly owned by Philadelphia-based BPG Properties, recently sold to a private limited partnership for $44 million. Newtown Square-based Professional Realty Advisors' Eric Matteson brokered the sale, which went to an entity named Pios Grande KOP Investors.

Executive Terrace, at 455 S. Gulph Rd., changed hands for $26.5 million. It is a mid-rise complex with 132,089 square feet and was 91% occupied at the time of the sale. Tenants include financial services firms, attorneys and Grubb & Ellis also has an office in the complex.

King of Prussia contains 14 one- and two-story buildings and is located at 8th and 9th Avenues and Moore Road. It traded for $17.4 million and was 72.6% occupied.

This is the second deal recently completed by Professional Realty Advisors. The firm brokered a 207-bed student housing facility late last year at 20 S. 36th St., in Philadelphia that changed hands for $7 million.