Local Commercial Property Sales Still Going Strong Despite Coronavirus Pandemic

Ken Knickerbocker
By
The COVID-19 pandemic is prompting several new trends to emerge in the office market, including the shift by city companies to suburban satellite offices. Image via Montgomery County Planning Commission.

Despite the ongoing coronavirus crisis, commercial property sales in the Philadelphia area are still going strong amid frozen capital markets, writes Natalie Kostelni for the Philadelphia Business Journal.

While some properties, such as Westlakes Corporate Center in Berwyn, have been taken off the market, others have successfully found new owners in the past several months.

“We haven’t really slowed down,” said Tony Grelli of Velocity Venture Partners.

In fact the company recently closed on a $3.6 million acquisition of a three-building industrial complex in Huntingdon Valley.

In addition to more modest deals in terms of dollar amounts, some major deals have also taken place. This includes Brandywine Realty Trust putting One Tower Bridge in Conshohocken under agreement in a deal that is valued at close to $100 million.

And while retail deals have been hit by the pandemic, not all of them are dead. For example, a vacant shopping center in Montgomeryville recently traded for $4 million.

The 41,179-square-foot center was acquired at an auction by Pennmark Management, which has owned the nearby Montgomery Commons for three decades. The transaction was closed at the end of March.

Read more about the local property sales at the Philadelphia Business Journal by clicking here.

You Might Also Like

NY Real Estate Firm Plans Major Development in Bala Cynwyd

Aldi-Anchored Centre Square Commons in Blue Bell Sells for $40M to Cyprus-based Real Estate Company

Eight Tower Bridge in Conshohocken sold to D.C.-area real estate firm

Advertisement