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Keystone Takes Valley Forge Park for $21M

KING OF PRUSSIA, PA-The buyer plans a multimillion-dollar investment in upgrades for the two-building, 155,411-sf office asset at 1016 and 1018 W. Ninth Ave.

By Marita Thomas | Updated on August 16, 2006

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.”

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