By: Staff writer at the Philadelphia Business Journal
Arden Group has acquired Four Falls Corporate Center in West Conshohocken, Pa.
The purchase price wasn’t disclosed.
Arden is based in Philadelphia and is a real estate company run by Craig Spencer.
Four Falls Corporate Center, once a crown jewel in the Conshohocken office submarket, was put into receivership in July 2011. CB Richard Ellis was appointed to oversee the property once owned by a joint venture between Thomas Properties Group Inc. of Los Angeles and California State Teachers Retirement System. In a deed in lieu of foreclosure, Thomas at the time relinquished Four Falls as well as two of its other suburban office properties — Walnut Hill Plaza and Oak Hill Plaza off Warner Road in King of Prussia.
Four Falls consists of two, six-story buildings — 100 Four Falls and 200 Four Falls — totaling 254,000 square feet. The property is 76 percent occupied. Arden bought the property from the lender. Starwood Property Trust (NYSE: STWD) provided financing for the acqusition. The complex will undergo $3.5 million in upgrades to its entrance, lobby, elevators and common areas.
Ful story: http://tinyurl.com/q5jfnsx
www.omegare.com