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211 South Gulph Road

King of Prussia, PA

Project:211 South Gulph Road (King of Prussia, PA)

Size:102,204 rentable sf

JLAM capitalized on the opportunity to acquire this office property at an attractive price from a motivated seller seeking to exit the last asset in its fund. The investment offered strong quantitative measures, with 97% occupancy, stable cash flow, long-term leases in place, and limited near-term capital expenditures; but JLAM also saw the differentiated qualitative features including high ceilings, excellent glass lines, open floor plans, and proximity to world- class amenities.

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.

Result:

  • 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
    returns.
  • Plan to hold property for 4-5 years with strong cash yield and ability to exit with
    sufficient remaining term on anchor lease.
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