Somerset Properties

Hickory Pointe,

Plymouth Meeting, PA

Number of Buildings: 1

Property Size: 83,055 SF

Acquisition Date: Jan/2015

Sale Date: Jan/2018

Purchase Price: $8,720,775 ($105/SF)

Sale Price: $15,500,000 ($187/SF)

Deal Level IRR: 33.4%

Level Equity Multiple: 2.35x

• The 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’s, 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 the first twelve months of ownership.