Investor purchases office asset in Greater Philadelphia
JLL Capital Markets completes the sale of 518 Township Line Road
PHILADELPHIA, April 6, 2020 – JLL Capital Markets announced today that it has closed the sale of 518 Township Line Road, a recently renovated office building totaling 123,087 square feet in the Greater Philadelphia community of Blue Bell, Pennsylvania.
JLL represented the seller, a partnership between Kairos Real Estate Partners and Artemis Real Estate Partners, and procured the buyer, Apex Financial Advisors.
518 Township Line Road is located approximately 18 miles from Center City Philadelphia in the affluent Blue Bell submarket, which features an average household income of $143,776 within a one-mile radius of the property. The asset has excellent visibility and immediate access to many of Greater Philadelphia’s primary roadways, including Routes 202 and 73, Interstate 476 and the Pennsylvania Turnpike.
Built in 2001, 518 Township Line Road was completely modernized between 2017-2019 with the addition of a new lobby, conference center, grab n’ go vending, Fooda café and a state-of-the-art fitness center with new locker rooms and showers. The upgrades led to over 85,000 square feet of new leasing. The 80%-occupied building is home to six tenants with more than 50% of the space leased to two market leaders in their respective industries: RSM US, LLC and Jefferson Blue Bell Surgery.
The JLL Capital Markets team representing the seller was led by Senior Managing Director Doug Rodio and Managing Directors Brett Segal and Brett Grifo.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion, operations in over 80 countries and a global workforce of more than 93,000 as of December 31, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.