Friday, January 22, 2010

Keystone Property sells Devon parcel that contains bank, hotel

"Keystone Property Group has sold a portion of a property that fronts Lancaster Avenue in Devon for $7.25 million. The private Bala Cynwyd real estate developer sold a PNC Bank branch and a ground lease on a Marriott Courtyard at a 6.5 percent cap rate.

An undisclosed local private family partnership bought the property and lease. The 149-room Marriott has 29 years left on its ground lease. The bank branch has five years left on its lease. Both properties have rental rates “below market” and high barriers to entry making it an attractive deal for the buyer.

Keystone Property bought the lease and bank property in 2005 as part of a larger acquisition that included Devon Square, a two-building, 140,000-square-foot office complex on Lancaster Avenue."

No comments:

Post a Comment

Note: Only a member of this blog may post a comment.