Argosy Real Estate Partners Exits Devon Square I & II
On April 26, 2017, Argosy Real Estate Partners II, L.P. (“AREP II”) exited its investment in Devon Square I & II, a two-building, 140,000 square foot, Class-A office complex located in Wayne, Pennsylvania, a western submarket of Philadelphia. The property was sold to a Philadelphia-based real estate investment firm.
Keystone Property Fund I, LP, (“Keystone I”) purchased Devon Square I & II in February 2005 and redeveloped it from Class-B office to an institutional-quality Class-A asset. AREP II’s August 2011 preferred equity investment provided Keystone I with the capital required to rebalance and extend its maturing loan and to cover leasing costs required to complete the lease-up and stabilization of the asset. Successful execution of the business plan during AREP II’s holding period included lease-up.