JLAM Acquires 980 Jolly Road in Blue Bell, PA
Jack Lingo Asset Management (JLAM) is pleased to announce it has acquired 980 Jolly Road, a Class A multi-tenant office building located in the Blue Bell submarket of Philadelphia, Pennsylvania. 980 Jolly Road is 86% leased and features multiple industry-leading tenants with significant remaining lease term. The 150,000 square foot property recently underwent a comprehensive renovation program, including the addition of a glass atrium and new lobby, fitness center with spin studio, tenant café and lounge, and on-site training and conference facilities.
Doug Motley, Managing Principal of JLAM, highlighted “The 980 Jolly Road property offers tenants a differentiated experience – the first-class common areas and unmatched on-site amenities truly set this building apart. This investment provides long-term stability with a great tenant roster and will benefit from the continued growth of the Blue Bell submarket. We are very excited to add this property to our core-plus portfolio.”
JLAM would like to thank Jeff Mack, Mike Margolis, and David Dolan of Newmark who represented the seller, and Nick Scribani and Ben Kroll of Newmark for arranging the acquisition financing through Wells Fargo.
JLAM has engaged the Wayne office of Newmark to provide leasing services and Kairos Property Services will serve as the property manager for the property.
This closing marks JLAM’s second acquisition in the Philadelphia region and continues its strategy of building a portfolio of premier office assets in select high growth markets in the southeast and mid-Atlantic regions.