Monday, March 20, 2017

Four years later, Triad office building sells for big number

Natalie Kostelni Reporter Philadelphia Business Journal
Zamir Equities has expanded it Philadelphia area footprint and has acquired the Triad building in King of Prussia for $30.2 million.

Kairos Real Estate Partners and Artemis Real Estate Partners bought the four-story, 184,000-square-foot office building at 2200 Renaissance Blvd. in 2013 for $8.1 million from a special servicer. At the time, the building, which was constructed in 1985, was 20 percent occupied and a long way from where it was in 2002 when Mack-Cali Realty Corp. paid $26.3 million to buy it. Mack-Cali had given the building back to the lender roughly 10 years after its purchase.

That distressed scenario was what Kairos was looking for when it bought the building, the first it acquired as a new company. The real estate company seeks out properties that have been taken back by a lender or are in special servicing, have high vacancies, and need interior and exterior renovations.

It deployed that strategy at Triad, spending $4 million on a series of upgrades that have become part of its signature with newly acquired properties. Kairos puts in a cafe, conference/training center and full-service fitness facility as well as incorporates newly-designed common areas and lobbies.

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