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FLD Group, Inc & Adjmi Family Acquire Bala Plaza Office Properties In Bala Cynwyd For $185M
SOLD
$185,000,000
Pennsylvania
See Similar DealsOffice
Sold 11/27/2023
SOLD
FLD Group, Inc & Adjmi Family Acquire Bala Plaza Office Properties In Bala Cynwyd For $185M
231 Saint Asaphs Road
See Similar DealsOffice
Sold 11/27/2023
Summary
PENNSYLVANIA
Asset Type:Office
Transaction Type:Sale
The Bala Plaza office properties in Bala Cynwyd, PA have been acquired by FLD Group, Inc. and the Adjmi family for a sale price of $185,000,000. The property is situated at 231 Saint Asaphs Road and is classified as an office asset. The transaction took place on 11/27/2023.
Summary of transaction details
- Property Type: Office
- Transaction Amount: $185,000,000
- Market: Bala Cynwyd, PA
- Buyer: FLD Group, Inc & Adjmi family
- Seller: Tishman Speyer - Rob Speyer
- Date: 11/27/2023
FLD Group, Inc and the Adjmi family were the buyers in the deal, while Tishman Speyer, represented by Rob Speyer, acted as the seller. The new owners have plans to continue the approved redevelopment master plan for the property. Their vision includes transforming it into a modern destination with various amenities such as retail spaces, a hotel, office areas, and residential units.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$9,866,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$657,265.92
Cash-on-Cash Return-1.27%
Monthly Debt Service$876,994.38
Annual Debt Service$10,523,932.59
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