{"id":1004176292,"date":"2017-05-11T21:59:04","date_gmt":"2017-05-12T05:59:04","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004176292"},"modified":"2017-05-11T21:59:04","modified_gmt":"2017-05-12T05:59:04","slug":"suburban-philly-devon-square-trades-for-34m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/suburban-philly-devon-square-trades-for-34m\/","title":{"rendered":"Suburban Philly Devon Square Trades for $34M"},"content":{"rendered":"<p>By Corina Stef<\/p>\n<div id=\"attachment_1004176299\" style=\"width: 366px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/05\/dixon-3449-f-wp-content-uploads-2017-05-647496_33038aee3c92b88-e1494436116162.jpg\" target=\"_blank\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004176299\" data-attachment-id=\"1004176299\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/suburban-philly-devon-square-trades-for-34m\/dixon-3449-f-wp-content-uploads-2017-05-647496_33038aee3c92b88-e1494436116162\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/05\/dixon-3449-f-wp-content-uploads-2017-05-647496_33038aee3c92b88-e1494436116162.jpg\" data-orig-size=\"1000,750\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Devon Square, Wayne, Pa.\" data-image-description=\"&lt;p&gt;Devon Square, Wayne, Pa.&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;Devon Square, Wayne, Pa.&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/05\/dixon-3449-f-wp-content-uploads-2017-05-647496_33038aee3c92b88-e1494436116162.jpg?w=1000\" class=\"wp-image-1004176299\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/05\/dixon-3449-f-wp-content-uploads-2017-05-647496_33038aee3c92b88-e1494436116162.jpg\" alt=\"Devon Square, Wayne, Pa.\" width=\"356\" height=\"267\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/05\/dixon-3449-f-wp-content-uploads-2017-05-647496_33038aee3c92b88-e1494436116162.jpg 1000w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/05\/dixon-3449-f-wp-content-uploads-2017-05-647496_33038aee3c92b88-e1494436116162.jpg?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/05\/dixon-3449-f-wp-content-uploads-2017-05-647496_33038aee3c92b88-e1494436116162.jpg?resize=768,576 768w\" sizes=\"auto, (max-width: 356px) 100vw, 356px\" \/><\/a><p id=\"caption-attachment-1004176299\" class=\"wp-caption-text\">Devon Square, Wayne, Pa.<\/p><\/div>\n<p><a href=\"https:\/\/www.commercialsearch.com\/news\/keystone-picks-up-key-office-asset-in-philly\/\">Keystone Property Group<\/a>\u00a0disposed of one of its suburban properties, Devon Square. According to Yardi Matrix, the buyer is Westover Cos., which paid $33.5 million for the two-building office complex in Wayne, Pa. The acquisition included\u00a0a $26.7 million, 10-year CMBS loan originally funded by U.S. Bank in 2013. The property was jointly owned by Keystone and Argosy Real Estate Partners and last traded in 2005 for a reported $17.1 million. HFF\u2019s Doug Rodio and Ben Appel represented the sellers in the transaction.<\/p>\n<p>The complex sits on 7.4 acres at\u00a0724-744 W. Lancaster and encompasses the\u00a0two-story buildings totaling 140,000 square feet. The structures were built in 1985 and upgraded in 2007\u00a0with new glass curtain walls, modern lobbies with granite flooring, refurbished common areas and bathrooms, a reimagined landscape and new HVAC systems. Amenities include an on-site bank and 468 parking spaces.\u00a0The complex is 95 percent occupied by tenants such as Merrill Lynch, Penn Liberty Bank, Keller Williams and Main Line Surgery Center.<\/p>\n<p>Located in the heart of Main Line, Devon Square provides direct access to Route 30 and easy access to major roadways such as Route 202, Interstate 76 and Interstate 476. Transportation is facilitated by the SEPTA train lines and 106 bus line. It is also bordered by Marriott Courtyard Hotel, Devon Square Shopping Center and various restaurants.<\/p>\n<p>&#8220;<em>After completing large-scale renovations at Devon Square, we were successful at leasing<\/em><em> it up to nearly full occupancy, which made it a particularly attractive investment opportunity,&#8221;<\/em>\u00a0Keystone Property Group Asset Manager Jessica Jacobs said in prepared remarks. &#8220;<em>Overall, this transaction reflects Keystone\u2019s ability to successfully execute our value-add business plan, which enables us to consistently deliver excellent returns to our investors.&#8221;<\/em><\/p>\n<p><em>Image courtesy of Keystone Pr<\/em><em>operty Group<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>In a deal brokered by HFF, the two-building office complex in Wayne, Pa. was sold by a joint venture of Keystone Property Group and Argosy Real Estate Partners.<\/p>\n","protected":false},"author":241,"featured_media":1004176299,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21783,21742,10,21747,1494],"tags":[35465,32792,35464,35466],"class_list":["post-1004176292","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-investment","category-latest","category-northeast","category-office","category-philadelphia","tag-argosy-real-estate-partners","tag-hff","tag-keystone-property-group","tag-westover-companies"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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