Suburban office building trades in live-work-play area of Philadelphia
JLL Capital Markets led sales efforts for 150 Monument, a Class A office building in Bala Cynwyd
PHILADELPHIA – Jan. 20, 2020 – JLL Capital Markets announced today that it has completed the sale of 150 Monument Rd., a 132,986-square-foot, Class A office building in Bala Cynwyd, a suburb of Philadelphia, Pennsylvania.
JLL marketed the property on behalf of the seller, Keystone Property Group and procured the buyer, FLD Group. Acquisition financing was provided by MidCap Financial Services, LLC.
150 Monument Rd. is positioned within an amenity-rich location in the live-work-play community of Bala Cynwyd, which has historically been one of Philadelphia’s strongest performing submarkets. The six-story building is positioned on 6.5 acres and is proximate to major highways, including the Schuylkill Expressway and U.S. Route 1 with easy access to Route 3 and Interstate 476. Additionally, the property is just one mile from the Bala Train Station for service into Center City Philadelphia approximately seven miles away.
Recently renovated, 150 Monument Road is leased to a diverse rent roll of tenants comprising both national investment grade and an array of smaller, regional tenants. The property features floor plates of approximately 20,500 square feet and offers on-site parking in a four-story parking structure.
The JLL Capital Markets team representing the seller was led by Managing Director Brett Segal and Senior Managing Director Doug Rodio.
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 sales 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 in 2019, operations in over 80 countries and a global workforce of over 92,000 as of September 30, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Keystone Property Group
Keystone is an award-winning, vertically integrated commercial real estate development and investment company. It delivers value for investors and tenants by creating mixed-use developments that revitalize neighborhoods, empower people, and drive productivity and collaboration. Headquartered in Conshohocken, Pa., its portfolio of iconic projects attracting world-class companies totals 8 million square feet, with 10 million square feet under development, and spans thriving urban and suburban locations along the East Coast. Keystone has offices in Philadelphia, New Jersey, and Miami, Fla. For more information, visit keystonepropertygroup.com.
About FLD Group
The FLD Group & MRD Management Corp have over 40 years’ experience in real estate acquisitions, financing, sales, property management, development and construction, as well as operating and leasing of commercial and residential properties. FLD’s and MRD’s real estate portfolio spans multiple states in Fla., Ind., N.J., Pa., Texas and Tenn., with over one million square feet of commercial office, retail and apartments. The combination of exceptional talent, tenant & resident relations and premier locations is what drives the companies to success.
About MidCap Financial
MidCap Financial is a middle market-focused, specialty finance firm that provides senior debt solutions to companies across all industries.