UPPER CHICHESTER TOWNSHIP, PA—Philadelphia-based SSH Real Estate has acquired Naaman's Creek Business Center for $16.22 million from a joint venture between Endurance Real Estate Group and Thackeray Partners. Jones Lang LaSalle's Philadelphia Capital Markets Team brokered the sale of the 190,729 square-foot, five-building portfolio.
SSH Real Estate, a privately held company, is known to have 11 assets worth about $458 million, according to proprietary research database Real Capital Analytics. The company was formed by Jeff Seligsohn, Peter Soens, and Robert Hess, and has been associated with $170 million in acquisitions in the past decade, Real Capital Analytics says.
“JLL is seeing strong demand for flex properties in good in-fill locations,” says JLL senior vice president John Plower, the lead broker on the deal. “Naaman's Creek Business Center is the perfect example of this. In just two years occupancy increased nearly 60 percent, yielding a dramatic rise in value. Functional and flexible assets, such as these play well in good, suburban locations surrounding by strong populations.”
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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].
