What made it special:
- Motivated seller due to being the last asset in a fund and a failed previous
marketing effort, enabling JLAM to acquire at an undervalued price.
- Favorable supply/demand dynamics, with supply decreasing due to office
conversions yet demand rising due to tenant migration from urban centers and the
popularity of Philadelphia.
- Fundamentally strong performing asset, with the ability to acquire at a discounted
price despite the encouraging market tailwinds.
- Convenient location, in close proximity to world class amenities including the King
of Prussia mall.
- Strategic location for workforce and decision makers, offering excellent
accessibility with convergence of multiple major interstates.
- Rare building attributes that enable unique tenant spaces (e.g. 24’ ceilings) as well
as operating and expense efficiencies.
- Going-in cap rate of 8.24% providing average cash-on-cash returns in excess of
10% per year.
- Secured favorable long-term fixed rate financing further enhancing investor
- Plan to hold property for 4-5 years with strong cash yield and ability to exit with
sufficient remaining term on anchor lease.