Logan Commerce is located in Norristown, PA, the County seat of Montgomery County, one of the most affluent counties in the state of Pennyslvania. The Center is located on 25 acres at the intersection of Markely Street (Route 202) and Johnson Highway adjacent to East Norristown Township.
Logan Commerce is a mixed use development comprised of office and retail space. The most notable tenant is USM which is part of EMCOR, a Fortune 500 Company.
100 Manhattanville Road
Built in 1986, 100 Manhattanville is a 4-story office complex located in Purchase, NY. The property is one of Westchester County’s most successful multi-tenant office complexes and has its own interchange off of I-684.
For information regarding leasing please contact Jones Lang LaSalle:
3455 Veterans Memorial Hwy
Pitcairn completed construction on this 151,730 square foot office building in the third quarter of 2003. This Class A building has been leased to the Suffolk Country Department of Social Services for 20 years. This structure allowed us to receive permanent financing priced as if the mortgage was a bond issued by the County. With the help of our construction lender, Bank of America, we were able to secure $29 million in permanent financing through TIAA-CREF.
Pitcairn broke ground on the building in July of 2002, and directly managed the construction of the project. As a result, the construction lender allowed us to earn a construction management fee in addition to a development fee. Our ability to earn market rate fees for the services we provide enables us to cover the costs of operation, and is an important step toward being a self-sustained organization.
This project caps the development of a 12-acre site we acquired in 1999 through a complex foreclosure transaction for approximately $75,000 per acre. After acquiring the land, we were able to re-zone the property to allow for hotel usage. Subsequently we entered into a pre-paid, 99-year ground lease with a hotel operator for 6.5 acres at $346,000 per acre. We used the remaining 5.5 acre site in the development of the office building for Suffolk County. The construction lender’s MAI appraisal valued the 5.5 acre site at $3.5 million, or $648,000 per acre.
41 University Drive
41 University Drive is a four-story office building, constructed with steel framed brick and thermal insulated glass, featuring a two-story lobby atrium. Interior finished ceilings are 9 feet in height. Three elevators service the building’s four floors. The roof is a ballasted single-ply membrane. HVAC system is roof-mounted V.A.V. units with a Trane energy management system. The building is fully sprinklered.
This property is located within the Silver Lake Executive Campus, only 15 minutes south of Princeton and 25 minutes north of Center City Philadelphia. Access is excellent. The Campus can be reached via Exit 30 on I-95, and is less than five minutes from Route 1, 10 minutes from the PA Turnpike and 15 minutes from the NJ Turnpike.
The Newtown submarket has proven to be one of the most robust in the Philadelphia region as a result of its highly accessible location and close proximity to abundant high-end executive housing. The location draws occupants from the service, pharmaceutical, finance and high tech industries now located in Philadelphia and Eastern Montgomery Counties.
This property was developed by Pitcairn Properties.
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