MLP Sells 3 King of Prussia Buildings to Seyon Group

Seyon Group buys 3 King of Prussia buildings from MLP for $17.5M
Three buildings in Renaissance Park, including Conshohocken Brewing Co.’s King of Prussia location, sold for $17.5 million. The buyer was Seyon Group, a Boston-based investor expanding its Philadelphia-area portfolio. MLP Ventures, led by Brian O’Neill, served as the seller.

The properties total roughly 100,000 square feet. They include 3600, 3602 and 3100 Horizon Drive. Conshohocken Brewing Co. operates within the building at 3100 Horizon Drive. Additionally, MLP acquired these assets in 2018 as part of a larger 14-building, $77 million portfolio purchase.

Montgomery County records show three separate transactions. The 42,500-square-foot building at 3100 Horizon Drive sold for $7.41 million. The 35,210-square-foot building at 3600 Horizon Drive sold for $6.07 million. Finally, the 22,746-square-foot building at 3602 Horizon Drive sold for $4.02 million. Each sale approached $175 per square foot, outperforming the third-quarter average of $159 for buildings larger than 20,000 square feet.

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