Real estate investment management firm Ten Capital Management (TCM) has acquired Stone Manor Corporate Center for USD19.75 million. The Property is located on 2600 and 2700 Kelly Road in Warrington, Pennsylvania and was purchased from Cornerstone Real Estate Advisors.
Stone Manor is currently 100 per cent occupied and is comprised of two, three-story, Class A office buildings with a combined net rentable area of 121,535 square feet. Frontage along Easton Road (Route 611) affords Stone Manor immediate access to Route 202 and Interstate 276 (The Pennsylvania Turnpike), and subsequently provides the Property with exceptional linkages to Philadelphia, Trenton, and the northwestern suburbs of Bucks and Montgomery Counties. Stone Manor contains the amenities of two on-site hotels, a retail bank, and a full-service restaurant on a privately wooded, 31.9-acre campus just minutes from the most desirable neighbourhoods, school districts, and consumer attractions that Doylestown and Bucks County have to offer.
Bucks County offers a unique combination of urban and rural areas along with various attractions that provide for a well-balanced place to live and work. Nearly 40 per cent of the area households have a combined annual income that exceeds $100,000 and the County’s public school system consistently ranks among the best in suburban Pennsylvania. Bucks County’s affluent residents, metro area linkages, and proximity to regional business owners, executives, and decision makers, present the Property with a significant competitive leasing advantage.
“Stone Manor presents an opportunity to acquire an institutional quality asset in a strategic location with good demographics and access to on-site amenities and nearby retail,” says Ben Adams, the CEO of TCM. Paul DiSandro, TCM’s Portfolio Manager adds, “The Property’s strong occupancy and mix of high-quality tenants is expected to generate good cash flow and annual returns to our investors.”