Cassford Corporate Center, a vacant, five-building office complex located off Old Cassatt Road in Berwyn, has sold for $9.25 million.
The property, which included 1001, 1031, 1041, 1051 and 1061 Old Cassatt Road, was bought by Maguire Hayden Real Estate Co., a real estate firm based in Conshohocken.
After spending decades fully occupied, the complex suffered when Vertex Inc. decided in 2016 to move its headquarters to 2301 Renaissance Blvd. in King of Prussia. Vertex had been in the Cassatt Road campus since 1987 and sold the property in 2007 for $26 million in a sale-lease back transaction. Once the company vacated the property, no tenants backfilled the space and the property sat empty.
In January 2017, a $21.6 million CMBS loan that was used to buy the complex was shipped to a special servicer, according to Trepp, which tracks CMBS loans. The loan was never modified and the owner relinquished the property.
LNR Partners was the special servicer and Wells Fargo was the master servicer. Peter Stevens of CBRE Inc. represented the seller in the most recent transaction.