Ten Capital Management has acquired 200 North Warner, an office building in King of Prussia, Pennsylvania. No financial terms were disclosed.
CLEVELAND, OHIO, October 28, 2019 – Ten Capital Management (“TCM”), a privately held real estate investment management firm, today announced it has completed the acquisition of 200 North Warner (or the “Property”). The Property is located directly across the street from the King of Prussia Town Center, part of a 122 acre mixed-use development known as the Village of Valley Forge, and one quarter mile from the King of Prussia mall, providing tenants with easy access to walkable amenities. In addition to the benefits of access to retail and restaurants, the Village at Valley Forge will consist of nearly 2,500 residential units. King of Prussia Mall is the largest mall in terms of retail space in the country, and offers a diverse mix of over 400 stores, including seven anchor tenants, international dining and three food courts.
Comprised of 164,360 sf, 200 North Warner is currently 85% leased to seventeen high quality tenants at below market rents, offering investors upside potential. The Property has undergone $4.2 million in exterior building upgrades, site work upgrades and interior improvements over the past two years.
Located less than 20 miles from Center City Philadelphia, the Property has one of the best access locations in the entire Philadelphia MSA with nearby entrances to I-76, I-276, Route 202, and Route 422. These main thoroughfares provide ease of access to Center City Philadelphia as well as the entirety of the region.
The King of Prussia office submarket has one of the highest concentrations of wealth and talent in the heart of the affluent Main Line area, making it a desired location for businesses.
Paul DiSandro, a TCM Partner and Portfolio Manager, said, “The Property’s strategic location, previously completed renovations, and additional planned capital improvements should allow for continued leasing momentum and further value enhancement.”
Ben Adams, TCM’s CEO, added, “Our core commitment to remain disciplined and focused on the margin of safety, and protecting our client’s capital is at the heart of everything we do and this acquisition is in line with our strategy of acquiring excellent real estate at a fair price to benefit our investors.”
TCM is a privately held real estate firm investing across a broad spectrum of strategies and seeks to deliver consistent, superior risk-adjusted returns to its global investor base, while remaining proactive, adapting quickly to changing market fundamentals and opportunities. TCM makes equity investments between $10 and $25 million, targeting transactions which fall “below the radar” of larger institutional investors. For more information, please go to www.tencapmanagement.com.