The asset went to market unpriced, and the selling price is undisclosed. In February, on condition of anonymity, a broker familiar with the Bucks County office market told GlobeSt.com it would probably trade at the mid-$40-million level.
The center is located on 31 acres along Tillman Drive near I-276 and 95, approximately 18 miles from Center City Philadelphia. It includes four office buildings aggregating 239,289 sf and two retail properties totaling 12,738 sf.
Pitcairn developed three of the office buildings in the early 1990s and, in 2000, added a 25,000-sf single-story build-to-suit for ITT Educational Services, which continues to occupy that facility. The overall office portion of the center is 90% leased. Among the major tenants are Cingular Wireless, Comcast, Health Services Group and Commerce Bank. According to a third-quarter report from the Philadelphia office of Cushman & Wakefield, the average asking rent rate for office space in this area of Bucks County is $26.07 per sf.
Andrew Scandalios, managing director, and senior managing directors Glenn Whitmore and Joe Morningstar of the New York office of Holliday Fenoglio Fowler LP, marketed the property and represented Pitcairn. Scandalios says Maguire was represented in house. GlobeSt.com was unable to reach Pitcairn and Maguire by deadline.
The deal was based primarily on the office component of the center, Scandalios tells GlobeSt.com. The two retail buildings are fully occupied by restaurants, he says, and operate under 50-year ground leases. He says Maguire assumed existing debt on the property, but declined to disclose either the amount of the mortgage or the sales price.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
