CBRE announced today that it has successfully arranged for the sale and acquisition financing of a 14 building, 641,325 square-foot office complex located within Renaissance Park in King of Prussia, Pennsylvania. The portfolio was acquired by MLP Ventures of Radnor, Pennsylvania for a total sale price of $76,900,000.
Robert Fahey, Jerry Kranzel, Erin Hannan and Jack Corcoran of CBRE Capital Markets’ Institutional Properties team represented the seller, Malvern-based developer Liberty Property Trust, in the marketing and sales negotiations. CBRE’s Nick Harris and Steven Doherty of the Debt & Structured Finance team procured the financing on behalf of the buyer.
The Portfolio consists of 14, single-story office and flex properties and is currently 87 percent occupied by a diverse and extensive mix of quality tenants. Major tenants include Marsh & McLennan Companies, Ikea, BB&T, RELX Group and MedRisk, among others.
“We are pleased to once again have the opportunity to work with the fine team at Liberty Property Trust and assist them in achieving their corporate objectives,” said Mr. Fahey, executive vice president, CBRE.
Renaissance Park is ideally located in an established office campus setting in King of Prussia and in close proximity to the King of Prussia interchange of the Pennsylvania Turnpike, Route 202 and Interstates 476 and 76.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2016 revenue). The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.us.
