Spear Street Capital Sells Majority Stake in Blue Bell’s Arborcrest Corporate Campus for $225M
Saudi Arabia-based Sidra Capital has bought a 90 percent stake in Blue Bell’s Arborcrest Corporate Campus from Spear Street Capital for $225 million, writes Natalie Kostelni for the Philadelphia Business Journal.
Spear Street acquired the five-building, 855,600-square-foot suburban office complex four years ago for $140 million from Corporate Office Properties Trust. COPT had bought the campus in 1997 in a sale-lease back transaction with Unisys.
Unisys occupied around 960,000 square feet of the property for decades before scaling back dramatically to just a fraction of that before COPT acquired it. This left a lot of vacant space in buildings that had by then basically became obsolete.
At one point COPT considered selling the property but then opted instead to redevelop it as a corporate campus for multiple tenants.
The new majority owner, Sidra, has been focusing on buying properties with long-term stability and tenants in the life sciences sector. The tenants for its latest acquisition include Signant Health, which opened its new headquarters at the complex in February, Pharmaceutical Research Association, and Abington Memorial Hospital, which has an outpatient facility on the campus.
Read more about the sale at the Philadelphia Business Journal by clicking here.
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