The CAP Rate on the properties was 8.9% and a projected ROE of 16% the buyer was excited to shift his focus from NYC to Philadelphia,” said Zitelli.
New York, NY (PRWEB) March 27, 2013
Berko & Associates' Kameron Zitelli and Director Agustin Pena have successfully negotiated the sale of a 3-building 400k SF flex portfolio in the Northeast Philadelphia submarket. The buildings were well-located close to I-95 and are triple-net leased to strong local and national tenants. The investment transpired due to the strong cash flow of the assets and the long-term lease, some of which were just inked recently. “The CAP Rate on the properties was a solid 8.9% and a projected ROE of 16% the buyer was excited to shift his focus from NYC to Philadelphia,” said Zitelli. The Northeast Philly sub-market is dotted with retail shopping strips and flex properties with an average vacancy rate under 10%, making a deal like this appeal to an out-of-state investor.
Berko & Associates is a multi-disciplinary real estate brokerage firm that specializes in investment sales, structured finance, and syndication advisory of commercial properties.