Dealmaker: D2 Capital Advisors Arranges $8.5M for Vacant Office Building
D2 Capital Advisors, Philadelphia, arranged an $8,500,000 refinancing for an 81,400-square-foot office building at 1000 Campus Drive in Collegeville, Pa.
Working on behalf of 1000 Campus Partners LLC (an affiliate of the D2 Organization), D2 Capital Advisors’ Jack Cortese and David Frankel secured the loan through TriState Capital Bank, Pittsburgh.
1000 Campus Partners LLC acquired the building in June 2017 for $13.2 million. The building was fully leased to Iron Mountain on a long-term deal, but ownership became aware of Iron Mountain’s plans to eventually consolidate to its Royersford, Pa., location. In November 2020 ownership agreed with Iron Mountain on a buyout of its lease at 1000 Campus Drive.
The loan proceeds refinanced acquisition debt and provided funds for capital expenditures, tenant improvements, leasing commissions and carry costs.
“This financing provides a lot of flexibility to market the property that most office landlords do not have right now,” said David Frankel, COO of D2 Capital Advisors. He noted the owner plans to re-tenant the now vacant building and has the by-right ability to build another 80,000 square foot property on the 18-acre site. 1000 Campus Drive sits within the 340-acre master-planned Providence Corporate Center at the intersection of Route 422 and Route 29. Its proximity to the GSK, Dow and Pfizer campuses has attracted attention from life science users and developers.