The seller is a local partnership and the sales price is undisclosed. According to a researcher at an area brokerage firm, who spoke on condition of anonymity, the sale price was in excess of $4 million, or north of $100 per sf.
Donald Cafiero, Pennmark's president and CEO, tells GlobeSt.com his company plans to invest more than $1.5 million in the asset, which will be renamed Limerick Professional Building. The enhancements include renovation of the façade, paving, lobbies and restrooms along with interior tenant improvements.
The building is currently 55% leased, according to Cafiero. John Susanin, senior director of GVA Smith Mack, has been named exclusive leasing agent for the property. Cafiero says the asking rental rate is $12 per sf, net.
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