CBRE announced today that it has arranged for the sale of Cassford Corporate Center—a five building office campus located on Old Cassatt Road in Berwyn, Chester County, Pennsylvania. The property, which totals 131,509 square-feet, was acquired by Maguire Hayden Real Estate Co. for a sale price north of $9,250,000. The office complex was totally vacant at the time of the sale, but had previously been 100 percent occupied by Vertex, Inc.
CBRE Executive Vice President Peter Stevens represented the seller, a Delaware LLC, during negotiations.
“The properties garnered a significant amount of interest from both local buyers and out of town investors,” said Mr. Stevens. “The sale was a note sale which complicated the transaction since Maguire Hayden had to complete the foreclosure with the borrower in order to gain the title to the property after the note sale. The value-add component of a vacant office campus, in an exceptional location, offered an attractive opportunity to create value.”
Cassford Corporate Center is centrally located at the northeast corner of Swedesford Road and Old Cassatt Road just minutes from the interchange of Interstate 76, Routes 202 and 422 and the Pennsylvania Turnpike. The office campus sits in the highly desirable King of Prussia submarket in close proximity to a variety of restaurants, shopping malls and just 20 miles northwest of downtown Philadelphia.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2017 revenue). The company has more than 80,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
