Wednesday, January 27, 2021

Three-Building Newtown Office Campus Sells for Over $12 Million

 Metropolitan Commercial Development has purchased Cricklewood Green, a three-building office campus in Newtown, Pennsylvania, for $12.2 million.

The Wyomissing, Pennsylvania-based firm acquired the property from Cricklewood Realty Investments LP.

Cricklewood Green totals 81,640 square feet and is located at 1-5 Caufield Place. The office campus was 84% leased by five tenants at the time of the sale.

"The portfolio’s prime location off of I-295 combined with its strong in-place tenancy attracted an array of investors to this opportunity. Furthermore, with just over 15% of the existing buildings currently unoccupied, and with the ability to construct additional buildings on site, the transaction represents a major value-add opportunity for the buyer."

No comments:

Post a Comment

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