Philadelphia Business Journal -Friday, August 12, 2005

There's a buzz about the sale of two buildings in Warrington

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Two buildings in the Stone Manor Corporate Center, a mixed-use development in Warrington, are on the market and generating lots of interest from investors.

The Bucks County property was developed by Main Street Development Group, which is run by Wally Smerconish, and consists of a master planned park that includes two, 61,000-square-foot office buildings, a hotel, restaurant and bank.

The 31.9-acre project has room for a 9,000-square-foot day-care center and medical office building, as well as a third 61,000-square-foot office building.

On the market are the two existing office buildings at 2600 and 2700 Kelly Drive and possibly the land to build the third. 2600 Kelly Drive was built last year and fully leased to two tenants. Construction of 2700 Kelly Drive was completed in March and is 75 percent occupied. If all three are sold, it's estimated they will go for $27 million.

Mike Hines, executive vice president with CB Richard Ellis, marketing the properties, thinks they will sell quickly.

"It's one of the highest quality suburban office developments completed in Philadelphia in the last five years," he said. Each office building sits on a hill and each corner office has floor-to-ceiling glass windows, offering tenants a view of Doylestown and surrounding area. Hines also cited other details such as marble, hardwood, ironwork and other finishes attractive to investors.

The fine print

A column item from the July 29 - Aug. 4 edition mistakenly listed the address of the condominium project Old City 205. The correct address is 2nd and Race streets in Center City ... A 25,000-square-foot lot at 1326-52 South St. in Philadelphia sold for $2.5 million. Rimas Properties bought the land from LTD-D Partnership and plans to construct a 156,000-square-foot mixed-use project that has 72 condominiums and 10,780 square feet of retail space. Equis Commercial Real Estate arranged the sale.