Blue Stone Acquires PA Office Asset

By IvyLee Rosario

1001 Adams Ave.

Blue Stone Capital has acquired an office property in Audubon, Pa., for $20 million. Newmark Knight Frank’s Capital Markets team represented the seller, Delaware Valley Real Estate Investment Fund LP, in the deal. 

The NKF Capital Markets team included Senior Managing Directors Mike Margolis and Dave Dolan, Managing Director Dave Garonzik and Executive Managing Director Jeff Mack. 

Located at 1001 Adams Ave., the property comprises 136,918 square feet. The asset is 100 percent occupied by Optum 360, a UnitedHealth Co. The building includes features such as a full-service cafeteria, outside patio, meeting areas, an on-site fitness center with showers and video conferencing spaces. The property is within close proximity to Route 422 and the heavily used Trooper Road. 

“This property offered investors an opportunity to acquire a well-maintained, modern office property with a credit tenant in the highly desirable health-care industry,” said Dolan, in a prepared statement. 

Last week, Newmark Knight Frank represented a joint venture led by SteelWave in the $141.7 million sale of Canyon Park Business Center, a 17-building, 632,591-square-foot property in the Seattle suburb of Bothell. 

Image courtesy of NKF Capital Markets