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Bank-Leased Portfolio Sells to Memphis Investor

PHILADELPHIA-The five northeastern Pennsylvia office buildings, totaling 43,000 sf, are part of a national bank disposition portfolio owned by Gramercy Capital.

By Paul Bubny | Updated on October 07, 2008

PHILADELPHIA-A group of five mixed-tenant buildings in northeastern Pennsylvania, each anchored by a Wachovia bank branch, has sold to Cavender Enterprise Leasing Family LLC, a private investor based in Memphis. The buildings were part of national bank disposition portfolio owned by Gramercy Capital Corp.

Financial terms were not disclosed; however, an overview of the portfolio, which is being marketed nationally by CB Richard Ellis, indicates asking prices in the low-to-mid six-figure range for each of the five properties. Douglas Rodio, VP with CBRE’s Philadelphia metro private client group, tells GlobeSt.com that Cavender obtained the properties “at a substantial discount” off replacement costs.

The properties purchased by Cavender are located in the downtown areas of Pottstown, Phoenixville, Mount Penn, Milford and Pittston, PA, and include a total of more than 43,000 sf of office and retail space, including the Wachovia branches. Wachovia, the lead tenant in each property, plans to continue operating in all five locations, where triple-net leases are signed through 2024, according to a release from CBRE. Rodio says he’s not in a position to comment on whether the impending acquisition of Wachovia by either Citigroup or Wells Fargo will affect the bank’s occupancy of these spaces.

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