CBRE Arranges Sale of West Chester Office Plaza on Behalf of High Associates for 12.5 Million
22 Jan 2018
CBRE announced today that it has successfully arranged for the sale of West Chester Office Plaza — a 116,621 square-foot, five building office portfolio in West Chester, West Goshen Township, Pennsylvania. The portfolio was acquired by Maguire Hayden Real Estate Company for a total sale price of $12,500,000.
Stephen Marzullo and Adam Silverman of CBRE’s Philadelphia Commercial Investment Properties team represented the seller, High Associates, in the marketing and sales negotiations.
The five office buildings are situated on an 8.3-acre site and were completed between 1964 and 1976. West Chester Office Plaza is currently 90 percent leased to 48 diverse tenants occupying spaces ranging in size from less than 1,000 square-feet to more than 33,000 square-feet. Notable tenants include American Precision Industries, ESCFederal, Women’s Health Care Group of PA, BackOffice Thinking and Kinetic Prosthetics, among others.
The property’s preeminent location on the corner of Westtown Road and Market Street (Route 3) make it highly visible and quickly accessible to Route 202, Route 322 and Paoli Pike. Additionally, West Chester Office Plaza provides tenants with 454 parking spaces.
“The property uniquely offers ample tenant parking at a location convenient to the government buildings, shops and restaurants of West Chester Borough, the county seat,” noted Mr. Marzullo, senior vice president, CBRE. “We continue to see strong interest in value-add suburban office from local investors as well as from capital outside the region seeking higher yield opportunities.”
“West Chester Office Plaza has been institutionally owned for more than thirty years and its buildings are exceedingly well maintained,” added Silverman, vice president, CBRE. “The property has built a reputation as the preferred choice for small and mid-sized tenants who want access to the downtown Borough.”
In 2017, Marzullo and Silverman closed twenty-one investment sales throughout the region including office, light industrial, flex, single tenant, sale-leaseback and redevelopment, totaling more than 1.4 million square-feet.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.