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W Rodio and Appel of HFF represent the sellers in the transaction Keystone Property Group sells Devon Square Office Complex for $33.5 million AYNE, PA — A j o int venture o f Keystone Prop- restaurants and retail options within walking distance.

ISSUE HIGHLIGHTS Volume 29, Issue 11 May 26 - June 8, 2017

SPO TLIGHTS

surrounding areas. Primary businesses include Destina- tion Maternity, 7-Eleven, Anthony’s Coal Fired Pizza, Wells Fargo, Fit 36, Restore Cold Press Juices, X-Tend Barre and 19 others. Ame- nities include a park like setting, fountain and sitting area, prime downtown loca- tion, ample parking including indoor parking garage, and 114 attached upscale town- homes. The Livingston Town Center is 94% occupied. Spaces of 1,456, 1,562 and 1,566 s/f are still available for lease. The Azarian Group, L.L.C. is a privately-owned full ser- vice property management/ development organization engaged in the acquisition, development, redevelopment, management, leasing, insur- ing, construction and finan- cial management of retail, commercial and investment properties for its own portfolio as well as third parties. The Azarian Group man- ages and leases properties for its own portfolio as well as for the private investor, partnerships, limited liabil- ity companies and lending institutions. n “After completing large-scale renovations at Devon Square, we were successful at leasing it up to nearly full occupancy, which made it a particularly attractive investment oppor- tunity,” said Jessica Jacobs , asset manager at Keystone Property Group. “Overall, this transaction reflects Keystone’s ability to successfully execute our value-add business plan, which enables us to consis- tently deliver excellent returns to our investors.” Situated on Rte. 30, the property is located in a highly desirable location and pro- vides its tenants with easy access to roadways and mass transit. n

Livingston, NJ — John Azarian , CEO of The Azar- ian Group, L.L.C. of Midland Park, is pleased to announce his company’s acquisition of the Livingston Town Center, Livingston from an affiliate of Onyx Equities for $21.25 million. The Livingston Town Center is located at the intersections of E. Mt. Pleasant Ave. and N. Livingston Ave. and boasts 65,000 s/f of prime downtown retail, restaurants and ser- vices catering to the affluent community of Livingston and erty Group , a developer and investor of mixed-use and office properties, and Argosy Real Estate Partners , a low- er middle market investment firm, announced the $33.5 million sale of Devon Square, a two-building, 140,000 s/f of- fice complex located at 724-744 W. Lancaster Ave. in Wayne. Doug Rodio and Ben Appel of HFF represented the sellers in the transaction. After acquiring the property in 2005, Keystone conducted a significant capital improve- ment campaign, updating the buildings’ interiors and exte- riors, and remodeling common areas to promote collaboration

Section B INDUSTRY Leaders

industrial Distribution Centers

Devon Square

and provide the property with a modern feel. The office buildings are 95% occupied with a tenant base that includes Merrill Lynch, Penn Liberty Bank, Keller

Williams, Main Line Surgery Center and other leading firms. The complex also boast several neighborhood ameni- ties, with an adjacent Marriott Courtyard hotel and several

Section C

Upcoming Conferences June 21, 2017 4 th Annual New Jersey Commercial RE

The Azarian Group acquires Livingston Town Center fromOnyx Equities affiliate for $21.25m

Forecast Summit June 22, 2017

2 nd Annual Philadelphia Healthcare & Medical Properties Conference For speaking and sponsorship information, please contact: Linda at 781-740-2900 or lchristman@marejournal.com

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Shopping Centers.............................................5-14A Owners, Developers & Managers............... Section B Industrial/Distribution Centers................... Section C

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Livingston Town Center

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