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Sale · Office

Updated Dec 4, 2024

Michael A. Innocenzo Acquires Office Property In Plymouth Meeting For $7.7M
SOLDOffice

Michael A. Innocenzo Acquires Office Property In Plymouth Meeting For $7.7M

$7,700,000

$562/SF

Building Size

13,700 SF

Asset Type

Office

Closing

Feb 19, 2024

About this deal

AI

Located at 480 South Gravers Road in Plymouth Meeting, PA, the property involved in the transaction is an office asset spanning 7 acres. The sale price for this property was $7,700,000, equating to a price per square foot of $562. The buyer of this property was Michael A. Innocenzo from PECO, while the seller was Proudfoot Investments. The 13,700-square-foot office and truck servicing building on the 7-acre property were part of the transaction, with Colliers International's David Dickson representing the buyer, and Justin Bell, Mitch Russell & Ryan Guittare from Newmark representing the seller.

Summary of transaction details:

  • Property Type: Office
  • Transaction Amount: $7,700,000
  • Buyer: Michael A. Innocenzo - PECO
  • Seller: Proudfoot Investments
  • Buyer's Representative: David Dickson - Colliers International
  • Seller's Representatives: Justin Bell, Mitch Russell & Ryan Guittare - Newmark
  • Square Footage: 13,700
  • Price Per Square Foot: $562
  • Address: 480 South Gravers Road, Plymouth Meeting, PA

The transaction involved ECO purchasing a 7-acre property in Plymouth Meeting for $7,700,000, which comprised of a vacant 13,700-square-foot office and truck servicing building. Proudfoot Investments was the seller, with representation from Newmark's Justin Bell, Mitch Russell, and Ryan Guittare. Colliers' David Dickson represented PECO in this property deal.

Players

Ryan Guittare

Newmark

Broker

$219M

vol

8 deals

Broker

Market Office Market Snapshot

Boundary boundary · Office · Sale transactions

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Deal FAQ

About $562 per square foot on a published $7.7M for 13,700 square feet (2024).

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

2.06%

Cash-on-Cash

-0.59%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93

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