Silverang Hallowell Development Sells Norristown Office Property For $22.5M - Eric Grad (Colliers)
SOLD
$22,500,000
Pennsylvania
See Similar DealsOffice262,000 SF
Sold 01/13/2023
SOLD
Silverang Hallowell Development Sells Norristown Office Property For $22.5M - Eric Grad (Colliers)
1430 Dekalb Street
See Similar DealsOffice262,000 SF
Sold 01/13/2023
Summary
PENNSYLVANIA
Asset Type:Office
Price Per Square Foot:$85
Total Square Footage:262,000 SF
Transaction Type:Sale
The property involved in this closed transaction is an office located at 1430 Dekalb St, Norristown, Pennsylvania. The property sits on 3 acres of land.
Summary of transaction details
- Property Type: Office
- Transaction Amount: $22,500,000
- Market: Norristown, Pennsylvania
- Seller: Silverang Hallowell Development
- Brokers: Eric Grad - Colliers; Flynn Co.; CBRE
- Date: 01/13/2023
- Square Footage: 262,000
- Price per Square Foot: $86
The seller of the property was Silverang Hallowell Development. The brokers involved in this deal were Eric Grad from Colliers, Flynn Co., and CBRE.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$1,200,000.00
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$79,937.75
Cash-on-Cash Return-1.27%
Monthly Debt Service$106,661.48
Annual Debt Service$1,279,937.75
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