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Three Allendale Park Flex, Office Assets Trade for $12.8 Million

| November 14, 2016 | 0 Comments

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KING OF PRUSSIA, Pa., Nov. 14, 2016 – Three flex properties have traded hands in a $12.8 million sale orchestrated by Cushman & Wakefield’s Capital Markets Group in Philadelphia, Sky Management Services purchased the assets at 620, 640 and 660 Allendale Road in King of Prussia, Pa., from Brandywine Realty Trust.

The adjacent, multi-tenanted buildings total 156,669 square feet and are 100 percent occupied. Situated within the Allendale Business Park, the properties are centrally located in Montgomery County and offer exceptional accessibility to multiple regional roadways, including the Pennsylvania Turnpike, I-76 and U.S. Routes 202 and 422.

“These are three older industrial buildings that have been repositioned during the past several years and converted to a higher office finish,” said Cushman & Wakefield’s Joseph Hill, who brokered the sale with team members Robert Yoshimura and Eric Mattson. “The variety of flex, office and lab spaces makes them suitable for a range of end-users, and because the property is fully leased we were able to price it at a premium.”

Marc Civitillo, acquisitions officer at Sky Management Services, added, “The acquisition represented an excellent opportunity to acquire institutional quality assets, which offer stable current yield, prominent tenancy and an excellent location within the western suburbs of the Greater Philadelphia region.”

Allendale Business Park is adjacent to Valley Forge National Park and offers convenient access to King of Prussia’s numerous hotel, dining and retail options, including the King of Prussia Mall, one of the largest shopping malls in the country.

 

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About Cushman & Wakefield

Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. The firm’s 43,000 employees in more than 60 countries provide deep local and global insights that create significant value for occupiers and investors around the world. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $5 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.

 

About Sky Management Services

Sky Management Services, with offices in Philadelphia and New York City, is a privately funded and managed real estate company, which is focused on the acquisition and management of office, industrial, flex and multi-family properties. The Company owns and operates a large, diversified portfolio of properties in the United States.

 

Evelyn Weiss Francisco
Vice President
Caryl Communications
201-796-7788
evelyn@caryl.com

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Category: Cushman & Wakefield Philadelphia, News Releases, Newswire: Latest News

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