RealINSIGHT Marketplace and Mission Capital Advisors are pleased to offer the opportunity to acquire a $13,340,985 non-performing (maturity default) loan secured by a first-lien mortgage on a 96,508-sf office complex located in Warminster, PA.
The loan was originated on April 6, 2007 in the amount of $14,600,000 for a 120-month term maturing on May 1, 2017. The loan featured 60 months of interest-only payments followed by 60 months of P&I payments, with interest payable based on a fixed rate of 5.592% per annum and an Actual/360 accrual basis with a 420-month amortization schedule. The loan is past due for the balloon payment due at maturity.
The three-building, one-story neighborhood shopping center is located in Warminster, Bucks County, Pennsylvania. Constructed in 1965 on an 10.5-acre site, the property contains 96,508 of net rentable square feet and has an 83.8% economic occupancy. The property is well located along the primary retail corridor in its trade area and enjoys excellent access to Interstate-76 (1.5 miles) and Interstate-476 (3.5 miles), also known as “Pennsylvania Turnpike”. The Property is approximately 18 miles north of the Philadelphia city center.
Value Add Opportunity – As of September 2018, the Property had an economic vacancy of 83.8%, but a physical vacancy of 29.0%, due to its anchor tenant, Acme Market (52,843 sf), going dark.
Strong Location – The Property is well located along the primary retail corridor in its trade area and enjoys excellent access to Interstate-76 (1.5 miles) and Interstate-476 (3.5 miles), also known as “Pennsylvania Turnpike”. The Property is approximately 18 miles north of the Philadelphia city center.
Disclaimer: The information being provided herein is for informational purposes only. No representation or warranty is made as to the accuracy or completeness of any information contained herein, including, without limitation, any information regarding the condition of the Property, the condition of title or Property descriptions.
Any documents and/or pictures posted herein or elsewhere on the RealINSIGHT Marketplace, (the "Website") are for informational purposes only, and may not represent the current condition of the Property or the condition of the Property at the time of sale. The posting of pictures herein or elsewhere on the Website does not constitute a guarantee that any items represented in the pictures will be present when the buyer takes possession of the Property.
You are encouraged to conduct your own due diligence and investigate all matters relating to the Property. It is recommended that you seek independent advice, including legal advice, to perform your due diligence and that you use good faith efforts in determining that the content of all information provided to or obtained by you is accurate.
Platform fee for this transaction is 5.00% or a minimum of $25,000.
Cooperating brokers may be eligible for a 0.50% co-op fee if their client is the winning bidder. If you are a broker, click here to login and identify your client.