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Time Equities Takes Two-Building Complex

CHADDS FORD, PA-The New York City investor acquires Gateway Corporate Center, an 86,000-sf complex on Route 202, for approximately $152 per sf.

By Marita Thomas | Updated on January 14, 2008

CHADDS FORD, PA-Time Equities Inc. has acquired the two-building Gateway Corporate Center located on eight acres on Route 202 from 202 Concord Partners, an entity affiliated with Exton-based Oaklands Business Park Inc. The price is undisclosed, but, on condition of anonymity, an area broker tells GlobeSt.com, “it was in excess of $13 million,” which represents approximately $152 per sf.

The two three-story office buildings have an aggregate of 86,000 sf. The one at 223 Wilmington-West Chester Pike, which is Route 202, was built in 1991, and the other, at 225, was completed in 2002. At the time of the sale, the complex was 84% leased, according to Dan Mayock of the Philadelphia-based Flynn Co.

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