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Matrix buys office park.

In the largest suburban Philadelphia office sale in the last three years, Matrix Realty, Inc., an affiliate of Matrix Development Group of Cranbury, New Jersey, has purchased the 191,000-square-foot North Point Office Center in Horsham (Montgomery County) from the Prudential Insurance Company of America. Grubb & Ellis was exclusive listing agent and sole broker for the transaction.

The property includes three three-story Class A office buildings on a 14.2 acre site half a mile north of the Willow Grove interchange of the Pennsylvania Turnpike and almost adjacent to Route 611, which provides easy access to Philadelphia and its northern suburbs.

Prudential Insurance occupies two of the three buildings -- 220 Gibraltar and 240 Gibraltar -- with long-term leases in place for the company's Central Atlantic Group Operations Division. This base also provides systems and administrative support to Prudential's Southern Group Operations in Atlanta.

The tenant roster at the third building -- 200 Gibraltar -- includes Allied Signal Aerospace Company; the Fairfield Group, Inc; The Great West Life Assurance Company; Hege, Kramer, Connell & Murphy; Kreischer, Miller & Company; Pier I Imports; Saxco International Inc.; Show Management Company and American Wats.

The attractively landscaped property boasts two courtyards located between the buildings which feature comfortable seating areas surrounding a lovely fountain, a pergola and sculpture garden.

The multi-tenant building, 200 Gibraltar, was built in 1985, while the two buildings occupied by Prudential were constructed in 1990. Both 220 and 240 Gibraltar have marble floored lobbies with interior landscaping and an attractive two-story atrium. The rear lobbies feature fountains and interior landscaping. An enclosed all-weather pedestrian walkway connects the two buildings.
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Title Annotation:Matrix Realty Inc. acquires North Point Office Center in Horsham, Montgomery County, Pennsylvania
Publication:Real Estate Weekly
Date:Aug 11, 1993
Words:264
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