By Tudor Scolca<\/p>\n
MLP Ventures has acquired an office portfolio in King of Prussia, Pa., from Liberty Property Trust. A JLL Capital Markets team arranged $79.3 million in acquisition financing, with an initial term of three years and two additional one-year extensions. LoanCore Capital provided the loan and part of it will be used as capital for leasing activity.<\/p>\n
Renaissance Office Portfolio totals roughly 640,000 square feet. According to Yardi Matrix data, the portfolio includes several Renaissance Park buildings. One asset is\u00a03200 Horizon Drive, a 92,673-square-foot building sitting on approximately 10 acres, fully leased to two tenants: Aspire Bariatrics and Bright Horizons.<\/p>\n
Two smaller buildings were also part of the transaction. The first, 2520 Renaissance Blvd., is a 53,109-square-foot, one-story asset\u00a0constructed in 1999. LexisNexis\u00a0occupies the property. The second, 2900 Horizon Drive, encompasses 50,000 square feet and is currently vacant.<\/p>\n
At the time of the transaction, the campus’ tenant roster included\u00a024 tenants,\u00a0with the portfolio being 84 percent occupied. The properties are situated close to each other, with multiple nearby thoroughfares facilitating transport\u00a0across Greater Philadelphia. Interstates 76, 476 and 276 are within minutes of the offices. King of Prussia Mall is just under four miles away, while downtown Philadelphia is 17 miles from the intersection\u00a0of Horizon Drive and Renaissance Boulevard.<\/p>\n
\u201cSuburban Philadelphia continues to offer high-end options for corporate offices, especially in the highly regarded King of Prussia area. With stable occupancy and credit tenants, we were able to secure favorable terms for our client to purchase this portfolio of office properties,<\/em>\u201d said Chad Orcutt, senior vice president at JLL, in a prepared statement. He led the team securing the acquisition loan.<\/p>\n Images courtesy of Yardi Matrix<\/em><\/p>\n","protected":false},"excerpt":{"rendered":" JLL secured financing for an approximately 640,000-square-foot office portfolio in King of Prussia. The buildings are part of the Renaissance Park corporate center. <\/p>\n","protected":false},"author":1284,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21742,10,21747,1494],"tags":[32796,34499,33043,38957],"class_list":["post-1004205112","post","type-post","status-publish","format-standard","hentry","category-deals","category-latest","category-northeast","category-office","category-philadelphia","tag-jll","tag-king-of-prussia-submarket","tag-liberty-property-trust","tag-vertex-pharmaceuticals"],"acf":[],"yoast_head":"\n