GPX paid $60 million, or just north of $105 per sf, in an all cash, off-market deal with Bruce Buck, the locally based private investor and developer. No brokers were involved in the transaction.
The center contains five buildings here at 521-532 Plymouth Rd., and 12 in Wayne at 983-999 Old Eagle School Rd. Both locations are at Pennsylvania Turnpike exits.
Thomas Gravina, executive chairman and co-founder of GPX, tells GlobeSt.com his company will invest $9.7 million "to completely remodel all of the properties, including upgraded landscaping, lighting, all common areas and tenant improvements, over the next 24 to 36 months." The buildings were constructed in phases between the mid-1980s and mid-1990s.
Gravina says the Plymouth Meeting portion is 70% occupied and the Wayne portion is 68% occupied. He describes the portfolio as "high-end class B," and rental rates are "below class A, ranging in the $18-per-sf to $23-per-sf range," depending on the location and size of space.
GPX has rights to expand on the property. "We have no plans to do that now, but we're exploring all options," Gravina says. He declined to estimate how much expansion is possible, noting, "There are different rules and regulations in each county." The location "offers exceptional accessibility for small office tenants," he adds. "Bruce Buck and his team have done an admirable job of developing and managing the property for many years."
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