Sentry Parkway East, Blue Bell, PA
Based out of southeastern PA, Toll Brothers is a leading builder of luxury homes across the country. After expanding the business and business units, their ownership of two, commercial office properties in Blue Bell PA was no longer central to their focus.
These two buildings were part of a five-building condominium, Sentry Park East. The other three buildings were under separate ownership. Toll’s properties were only 55% leased to tenants with short term leases and local credit. At the same time, the Blue Bell office market was suffering from a recession and a 22% vacancy rate.
The Investment Brokerage team collaborated with SSH’s Suburban Office Leasing team to help understand the high-vacancy market and to cooperate in marketing efforts. The SSH Property Management team was brought in once it was determined that property’s operating expenses was high in comparison to comparable properties in the market. This team was able to value engineer the budget and discovered several areas where they could produce savings.
SSH Real Estate’s team-oriented approach resulted in solid offers from three credible investors, all within Toll Brothers’ strike price range. During due diligence, the leasing team was able to demonstrate to the winning bidder how the property could compete effectively for tenants within its market niche. The property management team showed where operational savings could be achieved. The property sold on schedule at an attractive price. The buyer was so impressed with SSH’s knowledge of the building and the market, they hired SSH for leasing and management services to help them execute their value creation strategy.