Jack Lingo Asset Management, Rehoboth Beach, acquired 211 South Gulph Road, a Class A multi-tenant office building in King of Prussia, PA.
Financial terms were not announced.
The 211 South Gulph building is 97% occupied.
Doug Motley, principal of JLAM, said, “The 211 South Gulph Road property is a distinctive asset in one of Philadelphia’s hottest submarkets. We believe the differentiating elements of this property, coupled with the vibrant nearby retail, dining, and entertainment options, will produce great lasting results. This investment aligns well with our core-plus strategy and provides a favorable combination of long-term stability and continued future growth.”
The 102,000 square foot building underwent a renovation in 2018 and features enhanced glass lines, 24-foot-high ceilings, open floor plans, and dedicated tenant entrances.
Mike Margolis and David Dolan of Newmark represented the seller, and Nick Scribani and Ben Kroll of Newmark arranged acquisition financing through Wells Fargo.
JLAM has engaged the Wayne office of Newmark to provide leasing and property management services for the property.
This closing marks the second acquisition this year in JLAM’s strategy of building a portfolio of office assets in high-growth markets in the southeast and mid-Atlantic regions.
For more information, please visit www.jacklingoam.com
