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TF Cornerstone Acquires Wanamaker Building Office In Philadelphia For $30M
SOLD
$30,000,000
Pennsylvania
See Similar DealsOffice
Sold 08/25/2025
SOLD
TF Cornerstone Acquires Wanamaker Building Office In Philadelphia For $30M
100 East Penn Square
See Similar DealsOffice
Sold 08/25/2025
Summary
PENNSYLVANIA
Asset Type:Office
Transaction Type:Sale
The property asset involved in the transaction is the Wanamaker Building located at 100 East Penn Square, Philadelphia, PA. This historic 12-story office building was acquired for a total sale price of $30,000,000 via a sheriff's office auction conducted through Bid4Assets. The site is slated for conversion into condominiums by the buyer.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $30,000,000
- Buyer: TF Cornerstone
- Market: Philadelphia, PA
- Address: 100 East Penn Square
TF Cornerstone is the developer involved in this transaction, aiming to repurpose the historical site into residential units. The auction was handled through Bid4Assets, indicating a unique method of property acquisition in this instance.
Players
BUYER
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$1,600,000.01
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$106,583.66
Cash-on-Cash Return-1.27%
Monthly Debt Service$142,215.31
Annual Debt Service$1,706,583.66
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