Blue Bell-based Franklin Realty Development Corp. acquired the center, formerly called the Roma Corporate Center, from the Roma family in early 2006 for $17.5 million. At that time, the center was 53.8% occupied.
The buildings were constructed between the late 1970s and mid 1980s. The new owner has invested $10 million in upgrades to raise the center to class A level.
The Good Shepherd lease takes occupancy in the seven-building 280,000-sf complex to 76%, "including office condo units that are under agreement and due to close once the interior improvements are completed," Jessica Goffredo tells GlobeSt.com. Goffredo heads the center's leasing and condo sales team in Franklin's office here. Jody King of locally based Summit Management & Realty represented Good Shepherd in the lease negotiations.
Franklin has turned space in four of the buildings, which aggregate 178,770 sf, into for-sale office condos. Condo pricing is $175 per sf, and the asking rent rate for rental space is $17.50 per sf, plus electric. Based on the success of the renovated center, Franklin plans to construct another 80,000-sf class A office building on a vacant six acres within the 29-acre park.
CedarPointe marks Franklin's expansion from ground-up development to the addition of value-added acquisitions. Its portfolio encompasses 50 buildings with an aggregate of 2.3 million sf, valued at in excess of $225 million.
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