PCCP, formerly known as Pacific Coast Capital Partners, has provided a $23.75 million senior loan for the recapitalization of a five-building, Class-A office complex within Sentry Park West in Blue Bell, Penn., a Philadelphia suburb.
Keystone Property Group, a privately held suburban office owner and operator with a management portfolio of $500 million, acquired the property in 2004.
Keystone’s specialty is redeveloping undercapitalized, but well-located, office and industrial buildings into Class-A properties. Keystone is based in Bala Cynwyd, Penn.
Located at 1777 Sentry Parkway West, the five buildings total 228,000 sq. ft. and are situated near two major thoroughfares, the Pennsylvania Turnpike and I-476. The property is 86% leased.
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 landmark in the Philadelphia suburbs.
The property is situated on a landscaped 16-acre parcel with a ring road that connects it to three other buildings that together comprise Sentry Park West.
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.
As a result of this transformation, the property is now positioned as one of the highest-quality assets in the area, according to PCCP.
“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,” says John Prete, vice president with PCCP.
John Randall, senior vice president with PCCP, adds that the property has strong growth potential.
PCCP is a real estate private equity firm focused on commercial real estate debt and equity investments. PCCP has more than $6 billion under management in multiple closed-end funds and joint ventures with institutional investors.
The company has offices in New York, San Francisco, Sacramento and Los Angeles.