Jim Vesey, senior director, and James Sheehan of thePhiladelphia office of Cushman & Wakefield represented Matrixin the sale. "The seller is disposing of its properties in thismarket," Vesey tells GlobeSt.com, "and this is its last officeasset in the suburbs."
As Matrix exits, the buyer, Glendale, CA-based American RealtyAdvisors, enters this market, "and is looking to grow in the area,"Vesey adds. It invests in real estate for pension funds, andBoston-based Barrington Capital Partners represented it.
The facility was completed in 1988, according to Vesey, "andit's a beautiful building on a prime site. There were a lot ofbidders." Asking rental rates in the Horsham/Willow Grove submarketrange between $23.17 per sf and $20.53 per sf, according to afirst-quarter 2006 report from the Philadelphia office of Grubb& Ellis.
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