Dolgin's $61m purchase marks family's second foray into Philly.

An entity of The Dolgin Family has acquired the 650,000 s/f Spring Mill Corporate Center at 1100 East Hector Street in the Philadelphia suburb of Conshohocken, PA in a $61 million transaction.

Formerly the headquarters of the Lee Tire and Rubber Co., the facility underwent a sweeping multi-million-dollar renovation in 2002. The redevelopment included expanded parking, the addition of a 75-seat auditorium & training center, new building lobbies, common-area systems upgrades, and fully redesigned courtyards.

The buyers were represented by Kalmon Dolgin Affiliates, the 102-year-old family-owned real estate investment, management and brokerage firm. The sellers, Preferred Real Estate Investments Inc. of Conshohocken, represented themselves in the transaction.

"We are extremely pleased to add this historic property to our growing portfolio in the Philadelphia market," said Kal Dolgin, president of Kalmon Dolgin Affiliates. "The Spring Mill Corporate Center's industrial past, current market position and future potential fits perfectly with our investment profile, and we look forward to enhancing this unique property to serve the Philadelphia market."

Management of the property will be assumed by KND Management Co., Inc., a Dolgin Family company that is the management arm of the family's real estate brokerage, investment and management firm. The company currently owns or manages nearly 7,000,000 square feet of industrial property, office buildings, strip stores and medical facilities throughout the country.

Situated on 50 acres in Whitemarsh Township, Spring Mill Corporate Center is a Class A office setting just 10 minutes from downtown Philadelphia that offers superior access to major highways and public transportation. The site is just 1.5 miles from 1-76 and 1-476, and two miles from the Pennsylvania Turnpike (I-276) and Spring Mill SEPTA R6 Regional Rail station. The SEPTA Bus Route 97 stops on-site, and the property is within close proximity to Conshohocken's numerous amenities.

On-site amenities include a full-service, 100-seat restaurant, affording tenants the opportunity to enjoy brick-oven pizza, outdoor seating, and a variety of handmade lunch specials.

In addition to the recently opened on-site fitness center, Conshohocken Health and Fitness, the site is adjacent to a jog/bike path that runs from Valley Forge to Philadelphia.

More than 100 retail outlets are located within two miles of the site.

Tenants have full access to an on-site concierge service as well as the common conference center.

The acquisition marks the Dolgin Family's second foray into the suburban Philadelphia market. This summer, the Dolgin Family acquired the 677,000 s/f mixed-use Philadelphia Design & Distribution Center at 4700 Wissahickson Avenue in the East Falls section of Philadelphia.

One of the largest mixed-use facilities of its kind in the region, the Philadelphia Design & Distribution Center is nearly 95% occupied with approximately 20 tenants, utilizing the space for warehouse, industrial, retail, institutional and office purposes.

The Dolgin Family now owns and manages a multi-million square foot portfolio of office and industrial properties spanning 10 states.