X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

BERWYN, PA-The Westphal family, which owns Vertex Inc., a tax software company, has sold the company’s headquarters, the Cassford Office Complex at 1041 Old Cassatt Rd., to Conshohocken-based Trinity Capital Advisors. At the close, Vertex inked a 10-year lease for the 131,000-sf, five building complex.

To fund the buy, TCA obtained a $22.5-million fixed-rate acquisition loan, arranged by Philadelphia-based BlueStone Real Estate Capital. Kris Wood, BlueStone’s managing director, secured the funding from JP Morgan. It has an 85% loan-to-cost ratio, which puts the price tag for the property at nearly $26.5 million, or just above $202 per sf.

Matthew McManus, chairman of BlueStone, tells GlobeSt.com the deal was initially difficult to finance, because “Vertex is a private company, and it had signed up for 100% occupancy for 10 years.” However, following due dilligence and the company’s 30-year history, both Trinity and JP Morgan became comfortable with the deal.

Without disclosing the value of the Vertex lease agreement, McManus says that market rents in the area range between $19.50 per sf and $24 per sf. “Even under a worst-case scenario, which is not anticipated, Trinity has a good record of leasing,” he adds.

Douglas Joseph, investment specialist, and Andrew Spillard, office specialist for CB Richard Ellis, along with the CBRE Philadelphia regional investment property team of Robert Fahey, Michael Hines, Michael Blunt and Lizann McGowan, were sole brokers in the sales transaction.

The Cassford complex was completed in 2001. This is Trinity’s second successfully completed transaction with BlueStone, and Olin Belsinger of TCA says, “we hope to continue to work with them on these types of sophisticated deals.”

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
  • 3 free articles* across the ALM subscription network every 30 days
  • 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

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.