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Hayden Takes Marsh Creek Center for $36M

EXTON, PA-The multi-building complex contains the 81,400-sf North Point office building, four flex facilities aggregating 184,359 sf and a 6,000-sf day care center.

By Marita Thomas | Updated on February 14, 2007

EXTON, PA-In the first buy since its formation in September 2006, Hayden Real Estate Investments LLC has acquired the Marsh Creek Corporate Center from three local investors identified as Marsh Creek Associates One, Two and Five LP. The price is undisclosed but a source familiar with the transaction tells GlobeSt.com it was $36 million.

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.”

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