Newmark Knight Frank (NKF) announced the successful completion of the sale of 1001 Adams Avenue in Audubon, Pennsylvania. NKF’s Capital Markets team comprising Mike Margolis, Dave Dolan and Dave Garonzik, along with local market expert Jeff Mack, represented the seller Delaware Valley Real Estate Investment Fund, L.P. in the $20.0 million trade of the property. The property was sold to Blue Stone Capital from Brooklyn, New York.
The 136,918-square-foot property is currently 100 percent occupied. Optum 360, a UnitedHealth Company, the investment grade single tenant who currently occupies 1001 Adams, provides the property with strong, lasting cash flow with annual rental increases. The high-quality asset boasts rich amenity offerings including a full-service cafeteria, on-site fitness center with showers, outside patio dining, video conferencing facilities, and ample meeting and gathering spaces.
1001 Adams Avenue has a strategic Montgomery County location and is situated just off of the heavily traveled Trooper Road in Audubon, Pennsylvania. Regional access via Route 422 is less than one mile from the property, providing immediate access to King of Prussia’s vast amenities. King of Prussia is home to the largest commercial concentration in the Philadelphia suburbs, including the King of Prussia Mall and its many surrounding retail amenities.
“This property offered investors an opportunity to acquire a well-maintained, modern office property with a credit tenant in the highly desirable health care industry,” said Dave Dolan, senior managing director of NKF’s Capital Markets team.
About Newmark Knight Frank
Newmark Knight Frank, operated by Newmark Group, Inc. (NASDAQ: NMRK), is one of the world's leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, NKF's 16,000 professionals operate from approximately 430 offices on six continents. NKF’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com. Newmark Group is a publicly traded subsidiary of BGC Partners, Inc. (NASDAQ: BGCP), a leading global brokerage company servicing the financial and real estate markets.
