KING OF PRUSSIA, PA — Newmark Knight Frank’s (NKF) greater Philadelphia Capital Markets team comprising Mike Margolis, Dave Dolan and Dave Garonzik, along with local market expert, Jim Dugan, have successfully completed the sale of 200 N Warner Rd. in King of Prussia. The team represented the joint venture of Taconic Capital and Cohen Equities, both of New York, NY, in the $37.85 million sale to Pembroke Capital of Bryn Mawr, PA.
When Taconic Capital and Cohen Equities acquired the property in May of 2016, the occupancy rate was at 65%. The seller completed a $4.2 million comprehensive modernization program that included enlarging and remodeling the lobby, creating all new common areas and restrooms, full replacement and addition of windows, as well as the addition of two common area tenant conference rooms and a lobby grab n’ go. This capital investment led to momentous leasing success, and rental rates increasing approximately 35% at the property.