Property is centrally located at the intersection of I-76 and I-476 in suburban Philadelphia. Abundant amenities are located within walking distance of the property including two hotels and a variety of dining and retail options including Redstone, PF Chang, and California Pizza Kitchen.
Somerset Properties improved NOI from $728,000 at closing to $1,167,000 (60% increase). Purchase price of $105/SF represented a 58% discount to estimated replacement cost. Somerset Properties improved operating efficiency and curb appeal by completing a new roof replacement, upgrading elevator mechanicals and cabs, renovating restrooms & main entrance lobby, adding new landscaping, and curing deferred maintenance.
Somerset Properties completed 24,000 SF of leasing to improve occupancy from 78% at acquisition to 100% during first twelve months of ownership.
IRR has been calculated after any transaction costs but before any fund level fees or carried interests