November 18, 2020 9:00 AM EST
Excellent Location, Strong In-Place Tenancy & Value-Add Component Attracted Wide Market Interest
NEWTOWN, PA, November 18, 2020 – Lee & Associates of Eastern Pennsylvania’s Capital Markets team orchestrated the $18.0 million sale of a 101,450 square foot, Class A office building located at 100 Brandywine Boulevard in Newtown, PA. An affiliate of Pembroke IV purchased the building from a client of Washington Capital Management. At the time of sale, the facility was 79.2% leased by three (3) tenants.
Lee & Associates of Eastern Pennsylvania’s Capital Markets team consisting of Bob Yoshimura, Joe Hill, Eric Mattson and Joe Hill, Jr. represented Washington Capital’s client in the sale.
“The building is situated in one of the strongest suburban office submarkets in the Philadelphia MSA. The facility’s prime location off of I-295 combined with its exceptional in-place tenancy attracted a wide array of investors to this opportunity. Additionally, with just over 20% of the building currently unoccupied, the buyer will be able to create value through lease-up of the vacant space,” said Yoshimura.
The building offers convenient accessibility from Philadelphia through Princeton, as both cities are located within approximately 30 minutes of drive-time distance.
“The Newtown/Yardley submarket has quickly developed into a desirable suburban office location for companies looking to be situated between Philadelphia and Princeton. The highly educated workforce, in conjunction with the competitive rental rates and the lower income tax burden that Newtown provides, has attracted both corporate tenants and institutional investors to this area in recent years,” added Hill.
The sale of 100 Brandywine Boulevard represents the second major transaction that the Yoshimura/Hill Capital Markets team has recently been involved with in this submarket. In 2018, the team brokered the sale of Lower Makefield Corporate Center in Yardley, which is a Class A, 8-building, 466,000 SF office portfolio, for $85.25 million.
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About Lee & Associates of Eastern Pennsylvania
Lee & Associates of Eastern Pennsylvania began operations in May 2015 under the leadership of Principals Brian Knowles, CCIM, SIOR, and John Van Buskirk, SIOR. Long recognized individually as national leaders in the industrial real estate business, they have chosen to take their over 45 years of combined real estate experience in a new direction – as broker-owners of this new initiative. Lee & Associates of Eastern Pennsylvania is committed to providing market-leading research and support while remaining grounded in exceptional client service. For the latest news from Lee & Associates of Eastern Pennsylvania, follow us on Facebook, LinkedIn, Instagram and Twitter or visit us on the web at http://www.lee-associates.com/pennsylvania
About Lee & Associates
Lee & Associates offers an array of real estate services tailored to meet the needs of the company’s clients, including commercial real estate brokerage, integrated services, and construction services. Established in 1979, Lee & Associates is now an international firm with offices throughout the United States and Canada. Our professionals regularly collaborate to make sure they are providing their clients with the most advanced, up-to-date market technology and information. For the latest news from Lee & Associates, visit lee-associates.com or follow us on Facebook, LinkedIn, Twitter and Link, our company blog.
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