Real Estate Journal — Pennsylvania — November 8 - 21, 2019 — 3C


M id A tlantic

P ennsylvania $34 million sale follows Keystone’s large-scale repositioning of first-class office complex Keystone Property Group announce sale of 4 & 5 Sentry Park in Blue Bell, PA


LUE BELL, PA — Keystone Property Group has sold 4

& 5 Sentry Park in Blue B e l l . Th e b u i l d i n g s c o m p r i s e 1 9 6 , 2 7 3 square feet a n d w e r e 93% leased to 23 tenants at the time of sale.

Rich Gottlieb

Since taking ownership in 2013, Keystone Property Group deployed nearly $5 million in capital upgrades including significant func- tional and cosmetic upgrades to transform the office park into a state-of-the-art com- mercial facility. The enhancements include: a new first-class amenity area with a fitness center, conference rooms, a lounge area and an onsite grab- and-go; a new outdoor patio with seating; a roof deck; an expanded entrance for the property’s eastern build- ing, 5 East, including a new curtain-wall façade and two- story atrium lobby; a re- freshed lobby at 5 West; and significant upgrades to the property’s landscaping. “The campus at 4 & 5 Sentry is a perfect example of Keystone’s core mission of transforming outdated suburban office properties into dynamic commercial destinations where modern companies can thrive and succeed in the 21st century,” said Rich Gottlieb , presi- dent and COO of Keystone Property Group. “We are extremely proud of our work at this complex, which has al- lowed us to continue meeting our ultimate goal – creating value for our investors and ensuring the vitality of Phila- delphia’s office market.” The sale was brokered by Adam Gillespie , an invest- ment real estate broker with Avison Young. “This building was pursued by investors because of the growing rental demand spill- ing over from Conshohocken and Plymouth Meeting mar- kets,” said Gillespie. “The average in place rent within the portfolio is 40% less than comparable space in sur- rounding markets.” 

4 Sentry Park

5 Sentry Park

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