Cirro Leases 517641 Square Feet Industrial Space At Keystone Trade Center In Fairless Hills PA
500 Ben Fairless Drive
Building Size
517,641 SF
Asset Type
Industrial
Closing
Feb 17, 2025
AI
The property asset involved in this transaction is an industrial space located at 500 Ben Fairless Drive, Fairless Hills, PA. The total square footage of the leased space is 517,641 square feet, situated within Keystone Trade Center. The lease agreement was finalized on February 17, 2025.
Summary of transaction details:
- Property Type: Industrial
- Transaction Amount: Not specified
- Address: 500 Ben Fairless Drive
- Market: Fairless Hills, PA
- Landlord: Northpoint Development
- Tenant: Cirro
- Landlord's Representatives: Mark Chubb, Michael Zerbe, Summer Coulter - KBC Advisors, Michael Golarz & Tom Golarz - Colliers
- Tenant's Representatives: Drew Maffey & Michael Lee - Lee & Associates
This transaction involved multiple representatives; the landlord, Northpoint Development, was represented by KBC Advisors and Colliers, while the tenant, Cirro, was represented by Lee & Associates. The involvement of these brokerage teams played a crucial role in facilitating the lease agreement between the parties.
Players
Morrisville Industrial Market Snapshot
Boundary boundary · Industrial · Lease transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93