The 20-acre complex, located at the intersection of Routes 100 and 113, contains the four-story, 81,400-sf North Point office building and four flex facilities aggregating 184,359 sf. There is also a 1.5-acre pad currently ground leased to a 6,000-sf day care center for another 10 years.
North Point is 98% leased, and the flex buildings are 74% leased, according to Anthony Hayden Sr., chairman of the Conshohocken-based company in which his son, Anthony Hayden Jr. is also a principal. The elder Hayden tells GlobeSt.com, "the asking office-building rent rate is $22 per sf. The flex property is one of the places we can add value through lease-up," he says, "and the rates range from $7 per sf for pure industrial space to $15 per sf for lab and office space in the buildings."
The day care center offers additional upside potential, he says. "A better, future use of the land might be a bank branch," he suggests.
Gene McHale, Mike Flynn and Taylor Young of Beacon Commercial Real Estate, also based in Conshohocken, represented both the sellers and the buyer, identified on the deed as Hayden Marsh Creek Associates LP.
As GlobeSt.com reported in September, the Haydens left Beacon, which was founded by the elder Hayden, to form the new firm devoted to acquiring commercial real estate assets and providing an equity partnership in new developments. Management of Beacon was turned over to McHale, Flynn and John Greenwald. The two companies are co-located, and Beacon handles Hayden's brokerage activities.
The Hayden firm and Interland Real Estate Corp., a representative of the former owner, will manage the Marsh Creek asset. Beacon's Young, who leased up North Point, and Anthony Hayden Jr. will work together on the additional lease up of the flex buildings.
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