Real Estate Journal — Southeastern PA — April 14 - 27, 2017 — 13C
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M id A tlantic
S outheastern PA Northbrook Corporate Center, a 108,000 s/f, class A, multi-tenant office building Advalurem Group anticipates market changes in latest acquisition
hiladelphia, PA — Advalurem Group announced the acquisi- tion of 1150 Northbrook Corpo- rate Center, a 108,000 s/f, class A, multi-tenant office building, located in the Philadelphia MSA of Bucks County. Located at the intersection of Rte. 1 and the PA Tpke., 1150 Northbrook Corporate Center enjoys superior access to highway networks, as well as retail amenities that pro- vide an appealing surround- ing for modern office users. Bucks County is a flourishing Philadelphia suburb situated 20 miles northeast of Center City. It is the third most afflu- ent county in Pennsylvania and has recently experienced rapid growth in the biotech industry. In keeping with Advalurem Group’s niche focus on making equity investments in high- quality, well-located, income- producing middle market com- mercial real estate, the acquisi- tion of Northbrook Corporate Center denotes opportunities that are beginning to arise in suburban office centers. “Central business districts are becoming increasingly unaffordable and burdened by higher taxes and overall cost of doing business,” said Julie Tran , director at Advalurem Group. “We see the yield spread between CBD and suburban office widen beyond their his- P Keystone Property Group names Gottlieb president and COO CONSHOHOCKEN, PA — Keystone Property Group announced that Richard Gottlieb has been named president and chief operating officer, effective immediately. In his new role, Gottlieb will oversee all of the firm’s opera- tions, including development, management and leasing for the firm’s 10-million-square- foot portfolio. Gottlieb will report directly to Bill Glazer, who formerly served as the company’s pres- ident and CEO. Glazer will retain his role as CEO and focus on honing Keystone’s long-term strategic vision and pursuing opportunities with institutional capital providers. Before joining Keystone Property Group, Gottlieb served as a senior VP at Stoltz Management Company.
torical average.” As employ- ers and employees shift away from CBDs, Advalurem Group continues its investment in institutional quality, suburban office properties that provide appealing work environments and are positioned for growth. Northbrook Corporate Cen- ter was built at the end of 2007 at $27 million. Now, less than ten years later, Advalurem Group has acquired the proper- ty for 50% of replacement cost. “Northbrook Corporate Center represents the last asset in a fund that has reached its ten-
year expiration,” Advalurem Group founder and principal Gabriel Pozo said. “This dy- namic, coupled with valuations being much higher than when the property was originally constructed, has enabled us to purchase the property at a significant discount.” The low basis provides Advalurem and its partners, including RedRiv- er and Lincoln Property, with an ability to upgrade on-site amenities to give existing and future tenants a high-quality office product at competitive lease rates. n
Northbrook Corporate Center
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