The property is adjacent to Wings Field Airport in Montgomery County and has access to the Pennsylvania Turnpike and I 476. The five buildings were completed between 1986 and 1987.
Steve Marzullo, VP of investment services in the Conshohocken, PA office of Trammell Crow Co., represented the seller in the transaction. "The property was 67% leased when we put it under agreement with Korman," Marzullo tells GlobeSt.com. "During due diligence, Trammell Crow brought the occupancy up to 83% prior to closing."
Among the major current tenants are Seattle-based Washington Mutual Financial Services; NSTL, which is an IT testing organization; Goodyear; McLean, VA-based NVR, which owns homebuilding and mortgage banking operations; Blue Bell Executive Suites, which provides rental suites to businesses, and Goldenberg Group, a locally based commercial real estate owner/developer.
Office space ranging between 1,000 sf and 10,000 sf remains available, according to Gerald Segal, SVP of Korman. TCC's Conshohocken office is the exclusive leasing and management agent.
The portfolio that Korman manages for affiliated entities includes Neshaminy Interplex Business Center in Bucks County, PA; Airport Interplex in Philadelphia, and Interstate Business Park in Bellmawr, NJ. It also manages neighborhood and community shopping centers throughout the Delaware Valley.
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