UP FOR SALE — Spring Mill Corporate Center, a two-building complex totaling 617,039 square feet in Conshohocken, is up for sale.
Kalmon Dolgin Affiliates Inc. of Brooklyn, N.Y., and an equity partner bought the property off Hector Street in 2006 for $61 million. It could sell for about $75 million to $80 million this time around.
Kalmon Dolgin spent about $5 million to renovate the interior and exterior and rebrand it as the Spring Mill Corporate Center. It had been called Lee Park for the Lee Tire & Rubber Co., which had its headquarters at the site and constructed the complex in 1928. The tire factory, then operated by Goodyear, closed in 1980. What had been Preferred Real Estate Investments bought the site in 1987 and converted it into offices.
Of the property’s space, 452,304 square feet is comprised of office and 164,735 square feet is warehouse. It sits on 36 acres and the space is 91.2 percent occupied with tenants including Connolly Inc., CRS Lease Accounting and AHP Settlement Trust.
Spring Mill is expected to generate a lot of investor interest, said Jim Vesey, an investment broker with Jones Lang LaSalle, who is marketing the property for sale. “Next to Radnor, it’s the most desirable suburban office market,” he said.
The property has the ability to attract cost-conscious tenants who want to be in cool space in Conshohocken but aren’t willing to pay $30-plus a square foot in rents that the Class A office towers in the market are commanding, Vesey said.
Rents at Spring Mill run in the high teens to mid-$20s a square foot.
The Fine Print
Sky Park Apartments at 1112-1118 N. 3rd St. in Philadelphia traded for $2.75 million. The property was originally constructed with 10 condominiums but missed the market and switched to rental. All of the apartments have been rented. The property also included 10 parking spaces. The buyer and seller weren’t disclosed.
Josh Nadel and Ken Mallin of Mallin Panchelli Nadel arranged the transaction.
In another deal, Mallin sold 222 Church St., which consisted of three properties on Market Street and two on Church. It sold for $10.85 million. The property consisted of five commercial spaces totaling 13,240 square feet and 40 apartments in space totaling 35,000 square feet.
Costume Gallery bought 700 Creek Road, a 71,875-square-foot building in Delanco, N.J., for $1.55 million. Jevic Trucking had used the building for its executive offices, dispatch operations and warehouse storage. James Scott Jr. and Marc Isdaner of Colliers International represented the seller, Hudson Advisors, in this transaction.
7,430 sq. ft.
Keast & Hood, a structural engineering firm, leased 7,430 square feet on the 12th floor of 400 Market St. in Philadelphia, and will relocate from the Curtis Center. Chris Shenian of Shenian Co. represented the firm while Joe Viturello of PernaFrederick Commercial Real Estate represented the landlord.
Natalie Kostelni, Reporter
Philadelphia Business Journal