CBRE announced yesterday that it has successfully arranged for the sale and acquisition financing of River Park 1—a 169,163 square-foot four-story office building located at 1000 River Road in Conshohocken, Pennsylvania (it is in the Miquon section of Whitemarsh Township, adjacent to the Miquon train station). The state-of-the-art building was acquired by FD Stonewater for an undisclosed price.
Robert Fahey, Jerry Kranzel and Erin Hannan of CBRE Capital Markets’ Institutional Properties team represented the seller, The Buccini/Pollin Group, Inc., in the marketing and sales negotiations. CBRE’s Nick Harris and Steven Doherty of the Debt & Structured Finance team procured the financing on behalf of the buyer.
River Park 1 office building is currently 100 percent occupied by Reimbursement Technologies, Inc. (RTI), which recently renewed a long-term lease.
“The demand for single tenant office buildings with over ten years of term remains extremely strong,” said Mr. Kranzel, senior vice president. “Buyers were particularly attracted to the River Park I opportunity because of the strong fundamentals of the Conshohocken office sub-market and the commitment of RTI, who was an original tenant of the building in 1999, to expand and extend their lease term through the years.”