Prominent Doylestown Office Building Sold For $9.35 Million

DOYLESTOWN, PA — The Cross Keys Office Center at 4259 Swamp Road has a new owner.

JCLP Limited Partnership announced that it has closed the sale of Cross Keys for $9.35 million to Vette IV Associates, LP, an affiliate of Fort Washington-based Intercontinental Development. Michael G. Cohen and Joshua Williams of Situs Properties, Inc., represented JCLP Limited Partnership in the transaction.

The four-story, 82,400 square feet building at the intersection of North Easton Road and Swamp Road (Route 313) houses professional offices, medical space and a retail Wells Fargo Bank branch with a drive-thru.

“Cross Keys is a landmark building in the community, with premier local and national tenants. We are very pleased to acquire it because we know there is strong demand for quality office space in Doylestown," said Nicholas Damm, CEO of Intercontinental Development. "The upward trend of leasing activity and very low vacancy rates are evidence that Doylestown is increasingly being known as a great place to work, as well as live.”

Notable developments adjacent to Cross Keys are a new Wawa under construction at a signalized intersection on Easton Road and the acquisition of a 7.5-acre site previously owned by Sylvan Pools by the Fred Beans organization for automotive sales and service.

JCLP Limited Partnership acquired the property in 2016. Existing tenants continue to extend their lease terms and take additional space.

The new ownership has plans to renovate the lobbies, common areas and landscaping with a focus on attracting medical and professional office tenants. Situs Properties, Inc. has been retained to lease the building.