Plymouth Woods is an 188,360-SF office complex located immediately adjacent to the intersection of Route #476 and the Pennsylvania Turnpike, one of the most heavily travelled highway intersections in the Philadelphia region. The property was badly under-performing at the time of acquisition. GPX embarked on a value-add strategy that included a $6.0 million capital improvement plan to modernize the property.
At acquisition, the property was 66% occupied, and included a dated lease structure. Over the next several years GPX executed a management intensive property modernization plan that included transitioning all legacy tenants to a new lease structure, instituting on-site property management, interior and exterior building renovations, and offering Class A quality customized new office suites. The renovated property attracted high quality tenants to the complex, including business operations for Coca Cola, Beneficial Bank, Great Clips, and others. GPX increased occupancy and cash flow at the property each year of its ownership and sold the asset to an institutional investor in 2015.