Real Estate Wrap: Upgrades pay off at Devon Square

Devon Square, a two-building, 140,000-square-foot office complex on Lancaster Avenue in Devon, Pa., keyed up a new tenant, helping to nudge up its occupancy.

Guardian Life Insurance signed a five-year lease on 3,196 square feet at Devon Square II at 744 W. Lancaster Ave. Beacon Commercial Real Estate represented the tenant while CB Richard Ellis represented the landlord, Keystone Property Group of Conshohocken, Pa. Keystone recently redeveloped the property, putting in $6 million in interior and exterior upgrades. With the new lease, Devon Square is now 64 percent leased.

In other deals:

* Keystone continues to expand beyond the Philadelphia area, acquiring its first property in Central Florida. It bought Pinebrook, a six-building flex and office complex in Largo for $11.05 million. Pinebrook was 70 percent occupied at the time of the sale. Aside from Florida, Keystone now owns commercial real estate in suburban Philadelphia, New Jersey and, since last year, the Chicago suburbs.
* Ebewe-Parenta Pharmaceuticals Inc. leased 2,336 square feet at 777 Township Line Road, a building owned by Liberty Property Trust in Yardley, Pa. Grubb & Ellis represented the tenant. Liberty is based in Malvern, Pa.
* Meridian Capital of New York arranged $37.8 million in financing for Bucks Landing, a 456-unit apartment complex at 120 E. Street Road in Warminster, Pa.
* ARC Wheeler, a Philadelphia real estate joint venture between area firms ARC Properties Inc. and Wheeler Brothers Holdings, bought the B&O Building in Baltimore. The landmark 13-story, 220,500-square-foot building will undergo a major renovation that will entail having its top seven stories converted into a hotel designed by Kimpton Hotels. Floors three through six will remain office space but will also undergo renovations and the first two floors will have a restaurant and other public space.

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source: bizjournals.com