Jones Lang LaSalle Americas, Inc (“JLL”), has been retained on an exclusive basis to arrange the sale of Makefield Crossing (the “Campus” or the “Properties”), a 91% leased office portfolio that is comprised of eight (8), Class A office buildings located on two separate campuses, North and South, that are half a mile apart from each other. Makefield Crossing, which totals 472,496 square feet, recently underwent a best-inclass modernization program totaling more than $20 million, transforming the Campus into one of the highest quality corporate settings in the region.
Makefield Crossing features a diversified tenant roster, a balanced lease expiration schedule with a weighted average lease term of 5.2 years, and below market in-place rents which presents opportunities to grow NOI as tenant leases roll. This premier corporate setting offers strong in-place cash flow, highlighted by seven premier anchor tenants which occupy 41% of the portfolio and have a weighted average lease term of over 6.5 years. The Campuses have been meticulously maintained by current ownership and recently completed a significant renovation program which has resulted in extraordinary leasing momentum that continues to outpace the market. Located between the Yardley and Newtown Boroughs in historic Bucks County, Makefield Crossing provides qualified investors the opportunity to acquire a best-in-class office portfolio with additional upside through the execution of a lease up strategy aimed at the existing vacancy and the mark-to-market of in-place rents at lease maturities.
With direct access to Interstate 295, the Campus benefits from a convenient commute to the Philadelphia central business district (less than 30 miles) and provides its tenants with unparalleled access to several of Greater Philadelphia’s primary roadways including: Route 1, Interstate 95 and the Pennsylvania Turnpike. As tenants continue to look for differentiated office space, Makefield Crossing is uniquely positioned to attract the market’s premier tenants and draw interest from the highly desirable Princeton, NJ office market as the Scudder Falls Bridge is only 4.5 miles from the Campus. The residential communities found in the immediate area and in Princeton, NJ is home to many corporate executives, making Makefield Crossing a prime destination for business headquarters.
Coveted Amenities Differentiate Makefield Crossing
Major improvements to the on-site amenity base as well as upgrades to the campus landscaping and outdoor spaces have greatly enhanced the appeal of the campus, resulting in an extraordinary wave of leasing momentum.
Superior Corporate Setting
Comprised of two campuses, North and South, Makefield Crossing features lush landscaping and picturesque waterscapes, plus direct access to Interstate 295.
Immediate Mark-To-Market Opportunity
The in-place leases at Makefield Crossings represent a substantial discount to market rental rates. On average, tenants expiring between 2021 and 2026 are paying 19% below market rental rates.
Life Science & Pharmaceutical Uses Dominate
Makefield Crossing features a number of pharmaceutical and life science companies as the site continues to create a unique synergy among the tenant base.