PHILADELPHIA—Cornerstone Real Estate Advisers sold its Stone Manor Corporate Center, 2600 and 2700 Kelly Rd., Warrington, PA, to Pembroke Hobson and co-sponsor Ten Capital Management for $19.75 million.
“The property's strong occupancy and mix of high-quality tenants is expected to generate good cash flow and annual returns to our investors,” says Paul DiSandro, Ten Capital Management's portfolio manager.
The class-A office property totals 121,535 square feet and is fully occupied.
“The sale of 2600 and 2700 Kelly Road highlights the strong investor demand for well-located suburban office assets located in markets near decision makers and amenities,” said James Galbally, lead broker, Jones Lang LaSalle, who brokered the sale for Cornerstone. “Located three miles from the County Seat of Bucks County, Doylestown, Stone Manor Corporate Center has excellent access to on-site amenities including KC Prime Steakhouse, Homewood Suites and Hampton Inn hotels; as well as a planned apartment development.”
The property's strategic location allows easy access to multiple shopping centers including Wegmans, The Shops at Valley Square—with more than 35 clothing retailers, home-furnishing shops, and restaurants—Doylestown Pointe Plaza and Barn Plaza.
Additionally, there are two recreational parks within walking distance of the property that feature multiple playing fields, a playground and a beach volleyball court.
CORRECTION, 6/29/2016: This article has been updated to reflect the participation of Ten Capital Management as co-sponsor of the transaction with Pembroke Hobson.
PHILADELPHIA—Cornerstone Real Estate Advisers sold its Stone Manor Corporate Center, 2600 and 2700 Kelly Rd., Warrington, PA, to Pembroke Hobson and co-sponsor Ten Capital Management for $19.75 million.
“The property's strong occupancy and mix of high-quality tenants is expected to generate good cash flow and annual returns to our investors,” says Paul DiSandro, Ten Capital Management's portfolio manager.
The class-A office property totals 121,535 square feet and is fully occupied.
“The sale of 2600 and 2700 Kelly Road highlights the strong investor demand for well-located suburban office assets located in markets near decision makers and amenities,” said James Galbally, lead broker,
The property's strategic location allows easy access to multiple shopping centers including Wegmans, The Shops at Valley Square—with more than 35 clothing retailers, home-furnishing shops, and restaurants—Doylestown Pointe Plaza and Barn Plaza.
Additionally, there are two recreational parks within walking distance of the property that feature multiple playing fields, a playground and a beach volleyball court.
CORRECTION, 6/29/2016: This article has been updated to reflect the participation of Ten Capital Management as co-sponsor of the transaction with Pembroke Hobson.
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
Already have an account? Sign In Now
*May exclude premium content© 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.
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].
