The Bala Cynwyd-based Keystone, which bought the four-acre property in 2004 for $4.2 million, plans to renovate three buildings in the center. Upgrades include new HVAC units, new electric, new elevators and walkways as well as a complete 'reskinning' of the buildings' exteriors, which involves replacing all the windows and doors and giving the buildings new facades. The fourth building, a 2,400-sf office, will be demolished and replaced with additional parking spaces.

The remaining buildings, which include an 8,000-sf standalone fronting Butler Pike; the three-story, 26,000-sf West Building and the four-story East Building are being marketed by Keystone and GVA Smith Mack as office condos. According to Greg Hanson, Keystone's regional director for the mid-Atlantic region, the average asking price is $210 per sf, a price that is in line with similar buildings being sold in Exton, PA, where condo offices are more common than in Ambler.

The standalone building is currently under sale agreement to a medical office user. Buyers in the West Building can take half floors or whole floors equaling 5,000 to 6,000 sf, while the East Building features half floors of 2,700 sf and full floors of 5,400 to 7,100 sf.

The property, located at the intersection of Skippack Pike and Butler Pike, provides exposure for the estimated 27,000 cars that pass through the intersection every day. In addition, according to Hansen, the area offers higher-end demographics but very little office space. The intersection has recently received economic development help from the state and township for upgrades.

"The whole corner is to be upgraded and developed, because that's the entrance to the township," Hansen explains. "We've found that the state and Whitemarsh Township have been very favorable to what we're trying to do here, and we're delighted to be part of the four-corner redevelopment that they've envisioned."

Keystone specializes in acquiring and renovating office, flex and industrial buildings in good locations that need improvements. The company's portfolio includes properties in Pennsylvania, New Jersey, Chicago and Florida.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM Digital Member, you’ll receive:

  • Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.