6C — October 12 - 25, 2018 — Southeastern PA — M id A tlantic
Real Estate Journal
www.marejournal.com
S outheastern PA
Marzullo & Silverman of the Investment Properties Phila. Commercial team ink 50,028 s/f sale CBRE's Stevens arranges sale of Cassford Corporate Center in Berwyn totaling $9.25 million B
ERWYN, PA — CBRE arranged for the sale of Cassford Corporate Center, a five building office campus located on Old Cassatt Rd. in Berwyn. The property, which totals 131,509 s/f, was acquired by Maguire Hayden Real Estate Co. for a sale price north of $9.25 million. The office complex was totally vacant at the time of the sale, but had previously been 100 percent occupied by Vertex, Inc. CBRE executive vice presi- dent Peter Stevens repre- sented the seller, a Delaware
3 Creek Parkway
Cassford Corporate Center
4 Creek Parkway
LLC, during negotiations. “The properties garnered a significant amount of interest from both local buyers and out of town investors,” said Stevens. “The sale was a note sale which complicated the transaction since Maguire Hayden had to complete the foreclosure with the borrower in order to gain the title to the property after the note sale. The value-add component of a vacant office campus, in an exceptional location, offered an attractive opportunity to create value.” Cassford Corporate Center is centrally located at the northeast corner of Swedesford Rd. and Old Cassatt Rd. just minutes from the interchange of Interstate 76, Routes 202 and 422 and the Pennsylvania Turnpike. In a separate transaction, CBRE announced it has ar- ranged for the sale of 3 & 4 Creek Parkway located within Naaman’s Creek Center in Boothwyn. The sale consisted of a two-story office building and a single-story industrial facility, totaling 50,028 s/f situated on 8.67 acres, as well as an adjacent 3.22-acre parcel available for additional development. The buyer, an affiliate of SSH Real Estate , acquired the properties for a sale price of $8.9 million. The buyer purchased five buildings in the Naaman’s Creek Center in August 2017 and with this purchase now owns and oper- ates seven buildings totaling approximately 240,000 s/f. Steve Marzullo and Adam Silverman of CBRE’s In- vestment Properties Phila- delphia Commercial Team arranged the sale on behalf of the seller, affiliates of RedGo Development , based in West Chester.
LOCAL ADVANTAGE.
Made with FlippingBook - Online magazine maker