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Gramercy Sells Doylestown Office Property

DOYLESTOWN, PA-Court Street Investments, LP is purchasing 115 W. Court St.--a two-story office building--anchored by Wachovia Bank.

By Ryan Clark | Updated on November 18, 2008

DOYLESTOWN, PA-Gramercy Capital Corp. is selling 115 W. Court St.–a two-story office building–here in the downtown area. Court Street Investments, LP–a limited partnership from Pennsylvania–is scooping up the property for an undisclosed amount. CB Richard Ellis Philadelphia Metro Private Client Group represented Gramercy in the sale. The sale price was undisclosed and GlobeSt.com inquiries were not returned by deadline.

The 9,685-square-foot property is anchored by Wachovia Bank, which has a NNN lease through 2024. The building is 70% leased with 2,747 square feet on the market. Gramercy acquired the building as part of a national bank portfolio which was grandfathered in when the corporation purchased American Financial Realty Trust in March of 2008. The property was considered underperforming, along with roughly 80 other properties that came from the troubled REIT.

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