Paul DiSandro, a TCM Partner and Portfolio Manager
KING OF PRUSSIA, PA—Ten Capital Management, a Cleveland-based privately held real estate investment management firm, reports it has completed the acquisition of the 200 North Warner office building here.
The 164,360-square-foot building is currently 85% leased to 17 high quality tenants at below market rents. The property has undergone $4.2 million in exterior building upgrades, site work upgrades and interior improvements over the past two years.
No financial terms of the transaction were disclosed. The office building is located across the street from the King of Prussia Town Center, part of a 122-acre mixed-use development known as the Village of Valley Forge, and one quarter mile from the King of Prussia mall.
At full build-out the Village at Valley Forge will consist of nearly 2,500 residential units.
Located less than 20 miles from Center City Philadelphia, the property has access to I-76, I-276, Route 202, and Route 422.
Paul DiSandro, a partner and portfolio manager with Ten Capital Management, says the office building's strategic location, previously completed renovations, and additional planned capital improvements by Ten Capital Management should allow for continued leasing momentum and further value enhancement of the property.
Back in July, Ten Capital Management acquired Capital Plaza, a three-building office park here totaling more than 417,000 square feet in Jacksonville, FL.
The 417,513-square-foot complex was 87% leased to nine tenants at the time of purchase.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
