Red River acquires Pennsylvania office building for $13.2m

Red River Asset Management has closed on the purchase of a Class A office building in Trevose, Pennsylvania in a $13.2 million transaction. Located at 1150 Northbrook Drive, the 107,742 square foot property was built in 2007. The four story building was 85 percent leased at the time of the sale to tenants including Gamesa, Office of the Comptroller (U.S. Department of the Treasury) and Bracket Global. Robert Fahey, Jerry Kranzel and Erin Hannan of CBRE Capital Markets’ Institutional Properties team represented the seller, Rubenstein Partners, during the transaction. “1150 Northbrook is a true Class A building and is one of the best assets in the Bucks County office market,” said Kranzel, Senior Vice President.