June 9, 2022 10:00 AM
Newmark announces it has completed the sale of 960 Harvest Drive, a three-building, 130,942-square-foot, low-rise office complex in Blue Bell, Pennsylvania. Newmark Executive Managing Director James Dugan, Senior Managing Directors Michael Margolis and David Dolan and Associate Director Ryan Guittare represented the seller, Endurance Real Estate Group, a diversified regional real estate development and management company. The property traded to an undisclosed buyer for $12.7 million.
“This portfolio presented the unique opportunity to acquire a well-leased, low-rise office complex with value-add upside in one of suburban Philadelphia’s most desirable locations,” said Margolis. “New ownership will have the opportunity to capture additional value with the lease up of the remaining vacancy while benefiting from the strong in-place cash flow.”
The office complex includes two, two-story office buildings measuring approximately 55,000 square feet each and one, one-story office building measuring 21,133 square feet. At the time of sale, the complex was 65% leased to a diverse mix of tenants including KenCrest, Chemlogix, Bennett Bricklin & Saltzburg, Stephen Gould, HalfPenny, Cannon, Gen3 and Strategic BCP.
960 Harvest Drive is situated within the affluent Blue Bell submarket, with an average household income of $142,888 within a one-mile radius. The submarket is a prime destination for business headquarters, creating a suburban alternative to the Philadelphia CBD and its higher wage and business taxes. The property is located just four miles from the intersection of I-476 and the PA Turnpike (I-276), with quick access to I-76. It is also proximate to Local Routes 73 and 202, providing convenient access to surrounding amenities, including the recently renovated Plymouth Meeting Mall, one of Greater Philadelphia’s premier shopping and dining destinations with over 80 retailers and restaurants.
According to Newmark Research, office market conditions in the Philadelphia suburbs are outperforming the Downtown market. Despite an uptick in available sublease space during the first quarter, deal velocity in the suburbs is strong, and many tenants are looking for space. While short-term transactions and renewals remain prevalent, the market is also beginning to see some longer-term tenant commitments.
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. Newmark generated revenues of nearly $3.1 billion for the twelve months ending March 31, 2022. Newmark’s company-owned offices, together with its business partners, operate from approximately 170 offices with 6,300 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
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