Florida-based ESJ Capital Partners has purchased a nine-building Oxford Court office portfolio in Langhorne for $16 million from SkyREM of Philadelphia and New York, writes Ryan Sharrow for the Philadelphia Business Journal.
The seller acquired the buildings for $7.82 million in August 2015 and fully renovated the property the following year.
The 152,310-square-foot complex is 70 percent leased. Tenants include Quest Diagnostics, DaVita, LabCorp, and the American Red Cross.
ESJ Capital Partners is planning on investing $2.5 million in capital improvements. There will include additions such as HVAC upgrades, a new roof, and updated signage, as well as modernized vacant spaces.
“This acquisition aligns perfectly with our value-add strategy in strong health care submarkets,” said Arnaud Sitbon, founder of ESJ Capital Partners. “We see a true niche in this evolving market. As our population ages, it will be requiring ancillary services which are housed in these types of centers.”
The buildings located off I-295 and Route 1 are ESJ’s first properties in the Philadelphia region.
Read more about ESJ Capital Partners’ purchase of the nine-building Oxford Court office portfolio in Langhorne in the Philadelphia Business Journal.
