FD Stonewater Enters Greater Philly Market With Conshohocken Office Buy
The Arlington, Virginia-based company specializes in government buildings, but also invests in single-tenant office buildings. The latter interest led it to purchase River Park 1 at 1000 River Road in southern Conshohocken, adjacent to the Miquon stop of the R6 regional rail line.
River Park 1 stands four stories tall and its 169K SF are fully occupied by Reimbursement Technologies Inc., which recently signed a long-term lease extension. The building was most recently renovated in 1999 for RTI's move-in, and FD Stonewater purchased it from Buccini/Pollin Group at an undisclosed price.
A CBRE team of Robert Fahey, Jerry Kranzel and Erin Hannan represented BPG in the transaction, and a CBRE team of Nick Harris and Steven Doherty arranged a CMBS loan for Stonewater to finance the acquisition.