JLAM Acquires 211 South Gulph Road in King of Prussia, PA

By: JLAM
 
KING OF PRUSSIA, Pa. - June 30, 2021 - PRLog -- Jack Lingo Asset Management is pleased to announce it has acquired 211 South Gulph Road, a Class A multi-tenant office building located in the dynamic King of Prussia submarket of Philadelphia, Pennsylvania.  211 South Gulph is 97% occupied and highlights several prime tenants with significant remaining lease term.  The single-story office asset features a modern aesthetic, both inside and out, and benefits from excellent accessibility and proximity to world-class amenities.

Doug Motley, Principal of JLAM, noted "The 211 South Gulph Road property is a distinctive asset in one of Philadelphia's hottest submarkets.  We believe the differentiating elements of this property, coupled with the vibrant nearby retail, dining and entertainment options, will produce great lasting results.  This investment aligns well with our core-plus strategy and provides a favorable combination of long-term stability and continued future growth."

The 102,000 square foot building underwent a comprehensive renovation in 2018, and features enhanced glass lines, up to 24-foot-high ceilings, open floor plans, and dedicated tenant entrances.  The property has frontage on I-76 and excellent accessibility to the major highways of I-76, the PA Turnpike, and Route 202.

JLAM would like to thank Mike Margolis and David Dolan of Newmark who represented the seller, and Nick Scribani and Ben Kroll of Newmark's Debt and Structured Finance Group for arranging the acquisition financing through Wells Fargo.

JLAM has engaged the Wayne office of Newmark to provide leasing and property management services for the property.

This closing marks the second acquisition this year in JLAM's strategy of building a portfolio of premier office assets in select high growth markets in the southeast and mid-Atlantic regions.

About JLAM

JLAM is a dynamic real estate firm that specializes in identifying, developing, and investing in properties where the end-user is proud to live or work.  Our focus is on differentiated real estate within three core strategies: residential land development, multi-family, and multi-tenant office.  The firm targets premier properties in select high growth markets in the southeast and mid-Atlantic U.S.  As a direct investor and operator, JLAM is well-positioned to capitalize on favorable thematic factors, market dislocations, and contrarian investment opportunities.  For more information, please visit www.jacklingoam.com

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Tags:Investment
Industry:Real Estate
Location:King of Prussia - Pennsylvania - United States
Subject:Projects
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