Monday, January 23, 2012

Exeter Property buys Plymouth Corporate Center

by Natalie Kostelni
Exeter Property Group has added the Plymouth Corporate Center to its portfolio of properties.

The real estate company snagged the six-building office complex totaling roughly 196,700 square feet at 625 W. Ridge Pike at an auction.

It’s being rebranded as Conshohocken Ridge Corporate Center. The largest building in the complex is a four-story, 91,700-square-foot structure. Four are single-story, 25,000-square-foot buildings and there is a single, 5,000-square-foot structure.

Trinity Capital Advisors bought the office park in December 2005 for $24.5 million in a partnership with GE Capital. A $31.69 million loan that was secured by the property was sent to special servicing in April 2010 and foreclosure proceedings were initiated in April 2011, according to Trepp Inc. and people familiar with the property and transaction. The property at the time of the sale was just 55 percent occupied.
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