Time Equities, a New York real estate firm, has purchased a five-building Malvern office park for $23.1 million, 42 percent less than its 2021 selling price, writes Paul Schwedelson for the Philadelphia Business Journal.
The seller was Bridge Investment Group, which acquired the 280,025-square-foot Lindenwood Corporate Center four years ago for $39.6 million.
The office complex is currently 73 percent occupied.
The properties that were part of the transaction included 100 Lindenwood Drive, an 18,491 square foot building that was occupied by the Great Valley School District, and 101 Lindenwood Drive, a 118,121 square foot facility whose anchor tenant is the ceiling manufacturer Worthington Armstrong Venture.
Other building include 200 Lindenwood Drive, a 12,600 square foot property which has prominent occupants Kadean Construction and pharmaceutical company Phlexglobal; 300 Lindenwood Drive, a 33,000 square foot building with silicates provider PQ Corporation as its primary tenant; and 301 Lindenwood Drive, a 97,813 square foot structure partially leased by environmental services firm Bluestone Environmental Group.
Time Equities owns several more properties in the region, including three office buildings at Glenview Corporate Center in Bensalem.
Read more about Lindenwood Corporate Center being purchased by a New York firm in the Philadelphia Business Journal.
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