Suburban Philly Office Building Up for Sale
- Jul 25, 2016
By Adriana Pop
Philadelphia—Insalaco Development Group has selected Colliers International to market for sale The Constitution Building, a suburban office development located at 1950 St. Road in Bensalem, Pa., Lower Bucks County, which is part of metro Philadelphia.
The property is offered at a purchase price of nearly $3.9 million, or $119 per rentable square foot. The buyer’s first-year returns are projected to stand at an 8.5 percent cap rate and 15.9 percent cash-on-cash.
Currently 91.6 percent occupied, The Constitution Building has a long history of high occupancy and renewals, consistently outpacing its competitive set in this submarket.
The property offers immediate access to an abundance of shopping, dining, hotel and service amenities. The building is also situated close to I-95 (one mile), US Route 1 (2.6 miles) and I-76 (3 miles), within easy reach of Philadelphia’s northern suburbs, Center City and New Jersey. Easily accessible public transit via SEPTA’s extensive bus and rail system is another reason the Constitution Building’s occupancy has consistently been above 90 percent with a high proportion of tenant renewals.
Current tenants at the property include A-1 Family Dental Care, Treen Box & Pallet Corp., Pennsylvania Dermatology Partners, Marshall Kressman, Esq., the State of Tennessee and Summit Mortgage Co.
Image courtesy of Colliers International