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Keystone Plans Redo of $15M Flex Buy

HATBORO, PA-Having acquired the 419,000-sf Station Park facility in a deed in lieu of foreclosure transaction, Keystone will redevelop it into office or warehouse space, based on demand.

By Marita Thomas | Updated on January 22, 2007

(To read more on the industrial market, click here.)

HATBORO, PA-Conshohocken-based Keystone Property Group has acquired Station Park, a 419,000-sf office/industrial building at 330 S. Warminster Rd. The building, which is about 50% occupied, is located on 39 acres, which includes an approximately seven-acre parcel the new owner may subdivide for expanded office/flex, residential or retail development.

This was a deed in lieu of foreclosure transaction serviced by Mid-Atlantic bank, Matt Sigel, Keystone’s senior vice president of acquisitions, tells GlobeSt.com. Keystone paid $15 million, he says, which translates to about $35.80 per sf. Although the one- and two-story building is currently 75% leased, Sigel says, some of the leases are about to expire, which will bring the building to 50% occupied.

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