Office building in Trevose sells for $13.2M

Red River Asset Management of New York in partnership with Advalurem Group and Lincoln Property Co. paid $13.2 million for 1150 Northbrook Drive, a 4-story, 107,724-square-foot office building in Trevose, Pa.

It bought the property, which was constructed in 2007, from Rubenstein Partners, a Philadelphia real estate firm. Jerry Kranzel of CBRE Inc. arranged the transaction.

Red River looks for value-add real estate opportunities and even though this building is not too old and about 85 percent occupied -— Gamasa and Bracket Global are tenants — there’s room for improvement, said Bruce Stern, managing principal of Red River. “What we want to do is take what we have now and make it better,” he said. “We want to take the excellent and make it superb.”

The new owner plans to incorporate a grab-n-go cafe, upgrade an existing conference center, put in a locker room and possibly a fitness center. The work is expected to be completed by summer.

Red River recently sold a 179,673-square-foot office building at 1414 Radcliffe St. in Bristol, Pa., for $20 million. It bought the property in 2014 for $12.5 million, or $70 a square foot. When it bought the building, it was in foreclosure and 80 percent occupied. When it was sold, it was 94 percent occupied.

 

Source: Philadelphia Business Journal