New York, NY – August 24, 2011 – (RealEstateRama) — PCCP, LLC announced today it has provided a $23.75 million senior loan to Bala Cynwyd, PA-based Keystone Property Group. The loan facilitated the recapitalization of a five-building Class A office complex totaling just over 228,000 square feet within Sentry Park West in Blue Bell, PA (suburban Philadelphia). Keystone Property Group acquired the property in 2004. Located at 1777 Sentry Parkway West, the asset is situated near two major thoroughfares, the Pennsylvania Turnpike and Interstate 476.
Built in 1973, the property underwent a substantial transformation when Keystone invested more than $10 million to re‐skin and modernize four of the five buildings and make other high-end enhancements. As a result of this transformation, the property is now positioned as one of the highest quality assets in the area. The five office buildings offer appealing designs, good visibility, and numerous on‐site and nearby amenities.
“This property appeals to small and mid-size tenants looking for a prestigious location and smaller floor plates that offer corner glass with superior light and air,” said John Prete, vice president with PCCP.
John Randall, senior vice president with PCCP added: “We see this property as one with strong growth potential over the coming years and believe Keystone, as a premier suburban office owner, will manage the property effectively and increase tenant interest.”
The property consists of five office buildings: Gwynedd Hall, Dublin Hall, Abington Hall, Merion Towle, and a PNC Bank branch. It is within one mile of the Plymouth Meeting mall, a well‐known landmark in the Philadelphia suburbs. The property is situated on a landscaped 16‐acre parcel with a ring road that connects it to and three other buildings that together comprise Sentry Park West.
Keystone Property Group is a leading Philadelphia suburban office owner and operator with more than forty projects and a management portfolio of $500 million. Keystone has raised three private equity funds and is considered a landlord of choice by many tenants. Keystone’s specialty is re‐developing undercapitalized but well located office and industrial buildings into highly desirable Class A properties. This is PCCP’s first transaction with Keystone Property Group.
About PCCP, LLC
PCCP, LLC is a premier real estate private equity firm focused on commercial real estate debt and equity investments. PCCP has over $6 billion under management in multiple closed-end funds and joint ventures with institutional investors. With 33 investment professionals and 55 employees across four offices located in New York, San Francisco, Sacramento and Los Angeles, PCCP invests throughout the United States. Learn more about PCCP at www.pccpllc.com.
