A New York real estate firm has purchased the five-building Lindenwood Corporate Center in Malvern for $23.1 million, according to property records – a 42% drop from its last sale in 2021. The 280,025-square-foot campus on Lindenwood Drive was acquired by an entity tied to Time Equities Inc. from Utah-based Bridge Investment Group.
The deal breaks down to just over $82 per square foot. Bridge Investment Group bought the property for $39.6 million in 2021, or about $141 per square foot, underscoring a sharp decline in office property values.
Time Equities continues to expand its regional footprint, with other holdings including the 96,000-square-foot office building at 51 Haddonfield Road in Cherry Hill, three buildings totaling 221,100 square feet at Glenview Corporate Center in Bensalem, and the 45,510-square-foot Northbrook Corporate Center in Trevose.
*Article courtesy of Philadelphia Business Journal
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