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Corvest Picks up Woodland Centre for $8M

KING OF PRUSSIA, PA-The buyer will invest $1 million in upgrades and has agreements to lift tenancy from about 60% to 95% by January.

By Marita Thomas | Updated on December 11, 2007

[IMGCAP(1)]KING OF PRUSSIA, PA-An affiliate of Philadelphia-based Corvest Realty Group Inc. has acquired the Woodlands Centre, a 55,356-sf office building at 900 E. Eighth St., from New York City-based Alrose Group LLC for $8.4 million, or nearly $152 per sf. Linpro, the predecessor of Radnor-based Brandywine Realty Trust, constructed the three-story building in 1983.

[IMGCAP(2)]It has been well occupied until a third-floor tenant vacated approximately a year ago, according to Michael Corenzwit, president and CEO of Corvest. He and Asher Hyman, also a Corvest principal, are general partners in the acquiring entity along with Kevin Silverang and Robert Jacoby.

The new owners plan to invest “upwards of $1 million to return the property to true class A status,” he says. A new roof, HVAC system and signage; resurfaced parking areas, and renovation of all common areas are among the upgrades planned. Corvest is traditionally a value-add buyer.

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