Spear Street Capital has closed on the purchase of a Class A redeveloped office park in Plymouth Meeting, PA, for $143 million. The sale of the Arborcrest Corporate Campus includes four fully-leased office buildings with 654,000 sqf, but also a building at 785 Jolly Road, a 190,000 sqf “redevelopment opportunity and 27 acres of additional land. The 137 acre LEED Silver campus offers a cafe, fitness center and tenant conferencing center with enhanced infrastructure with redundant power supply. Located near Plymouth Meeting Mall at the convergence of the Pennsylvania Turnpike and the Blue Route/Northeast Extension, the site is accessible by public transportation. The seller, Corporate Office Properties Trust, has disposed of $222 million of assets, just over half of its sales goal of $440 million for 2016. Spear Street Capital has retained JLL to continue both leasing and property management of its new acquisition.
