WAYNE, Pa., March 7, 2016 /PRNewswire/ -- GPX Realty Partners, a private real estate investment and advisory firm, announced the conclusion a strategic disposition program resulting in sales of commercial office and residential apartment buildings for a combined total of approximately $120 million.
The last of a series of six real estate dispositions occurred this month with the sale of the Evolve IP Corporate Center in Wayne, Pennsylvania. The 376,000 square foot office complex is occupied by over 90 tenants including the headquarters of Evolve IP, one of the nation's fastest growing cloud companies providing cloud services in virtually every industry and to some of the world's most recognizable brands.
GPX acquired the Evolve IP Corporate Center complex in 2007. GPX Realty's comprehensive repositioning plan for the property resulted in significantly increased occupancy rates with higher quality tenants such as Evolve IP, McBee Associates and YSC Sports, in addition to consistent growth in the property's annual rental income.
"Our recent asset dispositions were driven by strong investor demand for quality real estate assets," said Thomas J. Gravina, CEO and co-founder of GPX Realty Partners. "After several years of challenging market conditions we were pleased to realize strong returns for our investors through these asset sales, and we look forward to making future real estate investments in the Philadelphia region well into the future."
ABOUT GPX REALTY PARTNERS
GPX Realty Partners is a private real estate investment and advisory firm, focused on the sponsorship, development and management of a diversified portfolio of real estate investments. The firms seeks investments in single assets, portfolios, and real estate operating companies and also provides real estate advisory.
PRLog ID: www.prlog.org/12539369
SOURCE GPX Realty Partners