Thursday, June 15, 2017

Rubenstein, CS Capital Sell 263,000-SF Valley Creek Corp Ctr in Exton

Pembroke Hobson LLC and Ten Capital Management have acquired the three-building Valley Creek Corporate Center - Phase I office park at 220 - 224 Valley Creek Blvd. in Exton, PA for $45.3 million, or about $172 per square foot, from Rubenstein Partners LP and equity partner CS Capital Management, Inc.

Rubenstein developed the properties in 2002 with Philadelphia-based Wallace Roberts & Todd, architects.

Totaling 263,037 square feet, the buildings sits on 18.4 acres in the Exton / Whiteland submarket of Chester County, near the confluence of Routes 202 and 30 and the PA Turnpike, an hour northwest of downtown Philadelphia, and amid numerous hotels, restaurants, shopping centers, banks, daycares, health clubs and Exton Park, an adjacent 725-acre park with walking and biking trails, recreational fields, fishing ponds and plans for future equestrian space, golf and sports fields.

"This ‘best-in-class’ asset boasts an impressive mix of global corporate headquarters and credit worthy tenants and is situated in the Route 202 corridor, one of suburban Philadelphia’s most desirable locations."

Today the property is 95 percent leased to multiple tenants, with an average weighted lease term of 5.5 years.

The buyer financed the acquisition in-part with a new $34 million mortgage. Debt placement arranged the 10-year, fixed-rate loan at 4.3 percent on behalf of the borrower, placing the loan package with Barclays Capital.

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