The Roberts Building, located on one of the most popular streets in downtown Downingtown, has a new owner, ending its 169-day listing, writes Donna Rovins for the Daily Local News.

The sale of the nearly 38,000-square-foot building at 100 East Lancaster Avenue was coordinated by commercial real estate brokerage firm Marcus & Millichap. An unnamed limited liability company bought it for $3,550,000 from another unnamed limited liability company.

The transaction closed on Sept. 23. The original sale price for the building was $3,750,000.

“With the pandemic unfolding over the past 17 months, the office sector was one of the first asset classes to immediately suffer,” said Jackson Day, an investment specialist in Marcus & Millichap’s Philadelphia office.

But due to the “property’s highly sought-after location and close proximity to amenities, we were able to secure a local investor that has experience in the Chester County market at an extremely aggressive capitalization rate for our seller,” he added.

The building was constructed in 1967 and then fully renovated in 2000.

Read more about the Roberts Building in the Daily Local News.