NEWTOWN, PA — The Capital Markets Group, headed by Bob Yoshimura and Joe Hill, from Lee & Associates of Eastern Pennsylvania (LAEP) orchestrated the $12.2 million sale of Cricklewood Green, a three-building, 81,640 s/f, class A office campus located at 1-5 Caufield Place in Newtown. Metropolitan Commercial Development purchased the portfolio from Cricklewood Realty Investments LP. At the time of sale, the three existing buildings on site were 84.0% leased by five tenants.
The Capital Markets Group consisting of Bob Yoshimura, Joe Hill, Eric Mattson and Joe Hill, Jr., in conjunction with Gene McHale from Beacon Commercial Real Estate, represented Cricklewood Realty Investments LP in the sale.
“The buildings are situated in one of the strongest suburban office submarkets in the Philadelphia MSA. The portfolio’s prime location off of I-295 combined with its strong in-place tenancy attracted an array of investors to this opportunity. Furthermore, with just over 15% of the existing buildings currently unoccupied, and with the ability to construct additional buildings on site, the transaction represents a major value-add opportunity for the buyer,” said Yoshimura.
The portfolio offers convenient accessibility from Philadelphia through Princeton, as both cities are located within approximately 30 minutes of drive-time distance.