Suburban office complex sells for $20 million

Plymouth Woods Office Center has sold for roughly $20 million – what is estimated to be what it traded for in 2007 at the peak of the real estate market.

Exeter Property Group bought the 5-building office park at 521-531 Plymouth Road in Plymouth Meeting, Pa.

The property totals 188,360 square feet and is leased to a series of tenants including Beneficial Bank and Coca Cola.

Exeter has a majority — roughly 80 percent — of its portfolio dedicated to industrial space though it doesn’t ignore the office sector.

“We have always been in the office business,” said Ward Fitzgerald, president and CEO of Exeter, which is based in Plymouth Meeting and not far from the Plymouth Woods Office Center.

Exeter owns office buildings in Malvern, Pa., Conshohocken, Pa., Baltimore and other cities and continues to look for office properties to buy. It plans to make several exterior and interior improvements to the Woods complex.

The seller was GPX Realty of Wayne, Pa.

In 2007 it bought a similarly named property, the Woods Office Center, which was a 370,000-square-foot office center off Old Eagle School Road in Wayne, along with the Plymouth Meeting office park together for $60 million.

Since the two properties were sold as a portfolio, it’s difficult to determine how much each were valued at the time of that sale but sources and rough estimates peg that this portion is worth about $20 million then and now.

In this latest transaction, Robert E. Yoshimura, Joseph B. Hill and R. Eric Mattson Jr. with Cushman & Wakefield and Gene McHale and Colin McHale of Beacon Commercial Real Estate represented GPX Realty in the transaction.

Source: Philadelphia Business Journal