A suburban Philadelphia office property has sold for $61 million, bringing one of Conshohocken’s largest office facilities into the hands of a closely held New York City real estate family. The 650,000 sq. ft. Spring Mill Corporate Center, located at 1100 East Hector Street, was bought by an entity of the Dolgin family. Dolgin is a 102-year-old family-owned real estate investment and management firm.
The Spring Mill facility was formerly home to the Lee Tire and Rubber Co. But in 2002, an ambitious redevelopment campaign upgraded the tired property into a Class-A office facility. The seller was Preferred Real Estate Investments Inc., Conshohocken, Pa.
“We’re extremely pleased to add this historic property to our growing portfolio in the Philadelphia market,” says Kal Dolgin, president of Kalmin Dolgin Affiliates. “The Spring Mill Corporate Center’s industrial past, current market position and future potential fits perfectly with our investment profile.”
The Dolgin family will manage the property. As of early January, the Dolgin family owned nearly 7 million sq. ft. of industrial, office, strip stores and medical properties throughout the nation.