(Read more on the industrial market.)
KING OF PRUSSIA, PA-The renovations to the former light industrial building at 211 S. Gulph Rd. are complete. The 102,000-sf, single story building is now an office property and owner O'Neill Properties Group is looking for tenants.
As GlobeSt.com reported in April, locally based O'Neill bought the property in a joint venture with Morristown, NJ-based Arsenal Real Estate Funds. It was a foreclosed property sold by DLJ Mortgage Acceptance Corp. and previously held a PNC Bank operations center. Arsenal provided $15.9 million in financing for both the acquisition and the renovation.
Over $1.5 million went into the renovations, including replacing the roof. Landscaping was replaced, a gas-fried HVAC system was installed, and the building has new carpeting, lighting and interior and exterior paint jobs. A traffic signal at the main entrance of S. Gulph Rd. is under development.
Jeff Mack, partner and cofounder of GVA Smith Mack, has the leasing assignment for the vacant property. "The King of Prussia office market is reporting its lowest vacancy rate since 2001," Mack says, adding that the property already has attracted attention from tenants looking for a large block of space.
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