KING OF PRUSSIA, PA—Roseview-PMRG Fund I, a $250 million discretionary fund formed by PM Realty Group and The Roseview Group, has acquired 211 South Gulph Road, a single-story, 102,204-square-foot class A office building located in King of Prussia, PA, for $21 million.
It's the first Philadelphia market acquisition for the fund, which expects to acquire and reposition office properties across the United States. The Roseview/PMRG partnership also owns properties in Atlanta, Houston and Massachusetts.
The seller, a joint venture between O'Neil Properties and The Arsenal Fund, acquired the property in February 2007. Under the new ownership, an additional $1.1 million of capital improvements will be made, including upgrading exterior amenities and signage; updating the building's façade to enhance its presence; and system improvement.
"This acquisition was strategic for the fund because it is a value-add opportunity that is well located within an in-fill market near downtown Philadelphia,” says Steve Corridan, partner of The Roseview Group. “The area offers all the fundamentals we are seeking which include recent growth in both commercial and residential sectors."
With the building 100 percent occupied at the close of escrow, the fund's primary aim is to roll existing leases to market rates with extended terms.
"We are confident that we will be able to back fill any upcoming vacancy space, as King of Prussia benefits from continued tightening in Main Line and Conshohocken submarkets which currently have Class A vacancy of 3.7 percent and 10.0 percent, respectively as well as rental growth of 35.98 percent and 36.08 percent during the past five years,” says Angelo Lobosco, executive vice president, PMRG.
Developed in 1960 on 9.31 acres, 211 South Gulph Road is one-half mile south of the King of Prussia Mall; four miles from Main Line towns including Wayne and Radnor, PA; and 17 miles from downtown Philadelphia.
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
