Exceptional Location, Strong In-Place Tenancy and Value-Add Component Attracted Major Interest
The Capital Markets Group, headed by Bob Yoshimura and Joe Hill, from Lee & Associates of Eastern Pennsylvania orchestrated the $12.2 million sale of Cricklewood Green, a three-building, 81,640 square foot, Class A office campus located at 1-5 Caufield Place in Newtown, PA. Metropolitan Commercial Development purchased the portfolio from Cricklewood Realty Investments LP. At the time of sale, the three existing buildings on site were 84.0% leased by five tenants.
The Capital Markets Group consisting of Bob Yoshimura, Joe Hill, Eric Mattson and Joe Hill, Jr., in conjunction with Gene McHale from Beacon Commercial Real Estate, represented Cricklewood Realty Investments LP in the sale.
“The buildings are situated in one of the strongest suburban office submarkets in the Philadelphia MSA. The portfolio’s prime location off of I-295 combined with its strong in-place tenancy attracted an array of investors to this opportunity. Furthermore, with just over 15% of the existing buildings currently unoccupied, and with the ability to construct additional buildings on site, the transaction represents a major value-add opportunity for the buyer,” said Yoshimura.
The portfolio offers convenient accessibility from Philadelphia through Princeton, as both cities are located within approximately 30 minutes of drive-time distance.
“The Newtown & Yardley submarkets have rapidly developed into a desirable suburban office location for companies looking to be situated between Philadelphia and Princeton. The highly educated workforce, competitive rental rates and low-income tax structure have attracted both tenants and investors to this area in recent years,” added Hill.
The sale of Cricklewood Green represents the second major transaction that the Capital Markets Group has recently been involved with in this submarket. Last November, the team brokered the sale of 100 Brandywine Boulevard, also located in Newtown, which is a Class A,101,450 square foot office building, for $18.0 million. Since 2018, the Yoshimura/Hill Capital Markets Group has brokered over $103.0 million of sales and 650,000 square feet of office product within the Newtown & Yardley submarkets.
About Lee & Associates of Eastern Pennsylvania
LEE & ASSOCIATES OF EASTERN PENNSYLVANIA, LLC (LAEP) was founded in 2015 under the leadership of Principals Brian Knowles, CCIM, SIOR, and John Van Buskirk, SIOR, and has since grown to a 30-person enterprise with 14 Principals, and offices located in suburban Philadelphia and Central PA. Licensed in five states, LAEP offers clients a full-service experience, with robust agency leasing, tenant representation, capital markets and property management capabilities throughout Pennsylvania, New Jersey and Maryland. From the beginning, LAEP has committed to providing its clients and brokers with market-leading research and transaction support. 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.
