A real estate company from Rehoboth Beach has acquired 211 S. Gulph Road, a 102,204-square-foot office building in King of Prussia, for $25.8 million, or roughly $250 a square foot.
This marks Jack Lingo Asset Management’s entrée into the Philadelphia office market. About a year ago, the company added office properties to its overall investment strategy, said Doug Motley, a principal at the firm. The company decided with office use influx as a result of the pandemic and remote work, there would be increased opportunities to make some acquisitions. “Office has become an out of favor asset,” he said.
Jack Lingo Asset Management is focusing on seven markets from Philadelphia down to Charleston, South Carolina, and the South Gulph Road property is its second office acquisition. It intends to buy mostly in the suburbs though “if the right opportunity presented itself, we would go downtown,” Motley said. “We really like the secondary and tertiary markets in the larger markets.”
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