|Address:||518 Township Line Road|
|Property Area:||123,440 SF|
|Opportunity:||Acquired distressed property. Repositioning with $2.0 MM Cap X program.|
518 Township Line Road is a three-story suburban office building containing 123,000 square feet of Class A office space.
The Property is well-located in the heart of the Blue Bell office corridor, with excellent access to the Blue Route (I-476) and the Pennsylvania Turnpike (I-276). Constructed in 2001 for a corporate user, 518 contains the finest architecture and upgraded materials and construction, including continuous ribbon-glass, generous ceiling heights, and efficient floor plates with minimal columns. Planned upgrades include the addition of a cafe, fitness center, and conference/training center, as well as enhancements to the lobby, corridors, and restrooms.
Acquired in a JV with Artemis Real Estate Partners, 518 Township Line Road is a three-story, 2001 vintage, Class A office building located in Blue Bell, PA, a suburb of Philadelphia.
Increase property NOI through a $2.0 MM capital project, repositioning, and re-leasing of the distressed asset. Purchased Property at a steep discount from Lender who had acquired title from the defaulted borrower.
518 Township Line Road offers one of the few blocks of large Class A office space, as the surrounding Plymouth Meeting and Blue Bell markets continue their strong recovery.