500 Virginia Dive
Substantial value-add opportunity to reposition this well-located office property in the Fort Washington MSA
Opportunity for Value Creation: 500 Virginia Drive represents a substantial value-add opportunity for a new owner to re-tenant the property. Acquiring one of the best assets in the market at below-replacement cost will also allow new ownership to aggressively compete for the best quality tenants. It will also allow new ownership to establish a presence in the Fort Washington submarket that has shown tremendous growth and resiliency.
Excellent Vehicular Access: Located in Fort Washington Office Center, the Property is located just off the Pennsylvania Turnpike. The property is also located less than a mile from PA Route 309.
Recent Capital Improvement: Ownership has spent $150,000 on capital improvements, including paint and upgrades to the building’s façade to enhance the property’s curb appeal.
LEED Certified: The building received LEED certification in 2013. This designation reflects the quality of the improvements such as rooftop solar power generation. These improvements have also led to energy savings associated with LEED-quality best practices and improvements.
Fort Washington Submarket: The Fort Washington submarket is beginning to shift its trajectory. Brokers and market participants alike are noting an uptick in interest and activity over the past several quarters as its long-overlooked highway access and value proposition are once again being acknowledged by the market. In the fourth quarter of 2018, Vacancy in Fort Washington was 13.1%, 460 basis points below 2017’s year end number.
Strong Credit Tenancy: Honeywell International, is an American conglomerate company that makes a variety of commercial and consumer products. Honeywell has a Moody’s rating of A2 with Stable Outlook. Honeywell currently occupies about 23% of the property.
Newmark Knight Frank in conjunction with RealINSIGHT Marketplace has been exclusively retained to sell 500 Virginia Drive, a 367,681 square foot office building located in one of Suburban Philadelphia’s most desirable locations. The Property is 45% leased with a value add upside.
500 Virginia is strategically located in an office park with immediate access to Interstate-276, the Pennsylvania Turnpike, along with PA Route 309, the Fort Washington Expressway, both of which are located less than a mile away. The Property offers excellent regional access, abundance of amenities, shopping, dining and lodging, proximity to the Philadelphia International Airport and Center City Philadelphia, and strong demographics with a deep and highly skilled labor pool.
500 Virginia Drive’s largest tenant, Honeywell, has a Moody’s rating of A2, upper medium investment grade. Honeywell occupies 86,000 SF, which is about 23% of the building.
Property Tours are available by appointment on the tour dates below. Please contact David Dolan (firstname.lastname@example.org / (215) 246-2738) or Mike Margolis (email@example.com / (610) 879-4503) to schedule a tour.
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.
Lamar P. Fisher
Fisher Auction Company Inc.