Keystone Property Group sells Devon Square Office Complex for $33.5 million
Wayne, PA — A joint venture of Keystone Property Group, a developer and investor of mixed-use and office properties, and Argosy Real Estate Partners, a lower middle market investment firm, announced the $33.5 million sale of Devon Square, a two-building, 140,000 s/f office complex located at 724-744 W. Lancaster Ave. in Wayne. Doug Rodio and Ben Appel of represented the sellers in the transaction.
After acquiring the property in 2005, Keystone conducted a significant capital improvement campaign, updating the buildings’ interiors and exteriors, and remodeling common areas to promote collaboration and provide the property with a modern feel.
The office buildings are 95% occupied with a tenant base that includes Merrill Lynch, Penn Liberty Bank, Keller Williams, Main Line Surgery Center and other leading firms. The complex also boast several neighborhood amenities, with an adjacent Marriott Courtyard hotel and several restaurants and retail options within walking distance.
“After completing large-scale renovations at Devon Square, we were successful at leasing it up to nearly full occupancy, which made it a particularly attractive investment opportunity,” said Jessica Jacobs, asset manager at Keystone Property Group. “Overall, this transaction reflects Keystone’s ability to successfully execute our value-add business plan, which enables us to consistently deliver excellent returns to our investors.”
Situated on Rte. 30, the property is located in a highly desirable location and provides its tenants with easy access to roadways and mass transit.