A joint venture between PDC-Old Eagle and Long Wharf Real Estate Partners has purchased the Evolve IP Corporate Center in Wayne, Pennsylvania for $42 million, according to a deed filed with Chester County. The 12-building office complex was sold by an affiliate of Philadelphia investor Thomas Gravina's GPX Enterprises, which originally acquired the complex in 2007. GPX, in partnership with the Chester County Economic Development Council's Ideas x Innovation Network (i2n), rebranded the property as Evolve IP Corporate Center in August 2012 to "aid startups by providing low-cost, highly flexible facilities," and to serve as the headquarters for the company's cloud computing unit, Evolve IP.
"Our recent asset dispositions were driven by strong investor demand for quality real estate assets," said Thomas J. Gravina, CEO and co-founder of GPX Realty Partners. "After several years of challenging market conditions we were pleased to realize strong returns for our investors through these asset sales, and we look forward to making future real estate investments in the Philadelphia region well into the future."
HFF arranged the joint venture partnership and secured the $29.6 million, five-year, fixed-rate acquisition loan through John Hancock's Real Estate Finance Group, according to a press release. The office park covers 40 acres at 983-999 Old Eagle School Road, approximately 20 miles from Philadelphia's central business district. The 12 single-story buildings were most recently renovated between 2007 and 2010, and were 80% occupied at the time of sale by 95 tenants, including Evolve IP, McBee Associates, Administrative Concepts Inc., YSC Academy, Prosoft Software and North American Specialty Products.
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