WEST CONSHOHOCKEN, PA-The Arden Group has acquired the Four Falls Corporate Center office complex here.
The Philadelphia-based real estate investment company purchased the property from the lender for an undisclosed price, according to the Philadelphia Business Journal. Starwood Property Trust provided financing for the Arden Group purchase. The new owner plans to undertake a $3.5-million capital improvement program at the property to upgrade its entrance, lobby, elevators and common areas.
Four Falls consists of 100 Four Falls and 200 Four Falls that total 254,000 square feet. The property is 76% occupied.
CB Richard Ellis was appointed to oversee the property once owned by a joint venture between Thomas Properties Group Inc. of Los Angeles and the California State Teachers Retirement System. See story in the Philadelphia Business Journal.
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