Over the last several years, King of Prussia has become the focal point for numerous commercial real estate property investors, including many from out of state, writes Natalie Kostelni for the Philadelphia Business Journal.
According to Montgomery County property records, nearly $906 million has been spent over the last eight years on office, retail, apartment, flex properties, as well as on approved developable land in King of Prussia.
Not only that, but the trend seems to be accelerating, as last year saw almost $230 million in completed commercial real estate deals. This year looks promising, with eight deals totaling $94 million already closed.
“When I look at the landscape of the market, it’s flashing red lights in King of Prussia now,” said Peter Stevens, an investment broker with CBRE Inc.
A key area is Swedesford Road, with buildings along that corridor trading at record-setting amounts such as CrossPoint for $89 million, with investor interest in other nearby sites at an all-time high.
“You have big, institutional investors and developers coming to the market and it shows the power of the market,” said Stevens. “You also have office building sales that are higher than you have ever seen in King of Prussia at more than $300 a square foot. That is rare air in the King of Prussia market.”
Read more about King of Prussia property transactions boom at Philadelphia Business Journal by clicking here.
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