Pitcairn Properties put office parks on market with $40 million discount

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AmerisourceBergen provides pharmaceutical products, value-driving services and business solutions that improve access to care.
MONTCO.today file photo.

A Jenkintown real estate firm is expecting to take a $40 million loss on two corporate centers it bought before the 2008 recession.

Pitcairn Properties has put up for sale Chesterbrook Corporate Center and Glenhardie Corporate Center a dozen years after it bought one of the region’s biggest office portfolios for $250 million, writes Natalie Kostelni for Philadelphia Business Journal. 

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This time around, the 18 buildings totaling 1.3 million square feet are expected to sell at a discount with an estimated price of $210 million, according to sources familiar with the portfolio. Chesterbrook is one of the area’s biggest corporate parks at 1.7 million square feet on 125 acres. Glenhardie has 255,000 square feet.

Several issues have set the stage for the portfolio to trade lower than it did in 2006. The biggest challenge facing Chesterbrook is its occupancy. The corporate park is 81 percent occupied and several vacancies are on the horizon.

To read the complete story click here. 

AmerisourceBergen’s move from the Chesterbrooke Corporate Center to Conshohocken, a major cause for the price decline, was reported in June by PBJ. 

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