Sometimes you have to zig when others are zagging, and that holds just as true in the commercial real estate business as it does in any other.

Acorn Development has sold the Oaks Corporate Center, a two-building office complex off Route 422 that it built on speculation in 2000. The sale price was $15.3 million, according to Montgomery County property records, writes Natalie Kostelni for Philadelphia Business Journal. 

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The two buildings involved in the transaction were 400 Cresson Blvd., a 36,150-square-foot building, and 450 Cresson Blvd., a 36,021-square-foot building. MedProperties Realty Advisors of Dallas bought the complex.

The buildings didn’t lease up at the pace Acorn’s Don Resnick had hoped when he developed them. By 2005, one property was vacant and another had 18,000 square feet of empty space so Acorn switched gears and started to market the properties to medical tenants.

Resnick was seizing on what was then fledgling demand for medical office space and outpatient-care centers and their proximity to three hospitals in Pottstown, Phoenixville and Paoli. The strategy proved successful.

To read the complete story click here. 

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