X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

KING OF PRUSSIA, PA-Conshohocken-based Keystone Property Group has acquired Valley Forge Park Place, a two-building office complex at 1016 and 1018 W. Ninth Ave., for $21 million, or just north of $135 per sf. The seller is New York City-based Westbrook Partners LLC.

The buildings, located along Route 422 adjacent to the Valley Forge National Historic Park, were built in 1978 and 1980, according to Bill Glazer, Keystone’s president. He tells GlobeSt.com the complex is now 60% leased.

“The rent rate at the time of the sale was $22.50 per sf, but we’re going to increase rates after we complete upgrades,” Glazer says. He declined to disclose the amount Keystone is investing, but says, “it will be many millions of dollars to completely reposition the façade and overall site.”

These renovations will come on top of upgrades by Westbrook that included new lobbies, restrooms, HVAC replacement and some cosmetic enhancements. Among the current tenants are Oracle Corp., Reed Elsevier and Goddard Systems.

Lead brokers Robert Fahey and Lizann McGowan of the Philadelphia office of CB Richard Ellis, along with Michael Hines, Michael Blunt and Douglas Joseph of the CBRE investment property group, represented Westbrook in the sale. Keystone spoke for itself.

In addition to new construction, Keystone specializes in redeveloping under performing assets. For example, its is spending more than $6 million to upgrade Devon Square II, a two-building, 140,000-sf complex in Wayne. As a result, it has just inked a lease for 11,558 sf with Surgery Center of Bryn Mawr. The transaction is valued at in excess of $3.6 million. Steve Cousart and Steve Kriz of CBRE represented KPG in the lease negotiations and Jeffrey Barker of Cushman & Wakefield represented the tenant.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt
Live Chat

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.