Norristown, PA

Property Type: Industrial
Size: 49,600 SF
Price: $4,950,000
CAP: 6.72%

Highlights:

  • Fully Occupied Three-Tenant Light-Assembly Building
  • Six Drive-In Doors and Three Loading Docks with 16' Clear Height
  • Ample Onsite Parking with Available Street Parking
  • Healthy Rent Increases with 60% of Space on a NNN Lease
  • Urban Location Near Highways & Downtown Philadelphia

Description:

Marcus & Millichap is pleased to exclusively represent the ownership in the sale of 9 South Forrest Avenue, Jeffersonville, PA (the “Property”). This 49,600 SF three-tenant manufacturing/light-assembly building was renovated in 1988 and sits on 3.47-acres.

The property has been historically fully occupied with past tenants such as Aramark, Inc. Today the largest tenant, with almost 60% of the building area, is LCR Embedded Systems which designs, develops and manufactures enclosures, backplanes, and fully integrated systems for the aerospace, defense, rail, and industrial markets. LCR has been in the building since 2000 and is the only tenant on a NNN lease. 911 Safety Equipment, which occupies 27.42% of the property, sells and services PPE for fire departments, first responders and others needing special purpose clothing. The Special Medical Response Team occupies 12.8% of the property and is a nonprofit organization that provides advanced life support to support emergency services during incidents and events beyond the capabilities of local resources.

The property offers 3 loading docks, 6 drive-in doors, 16’ clear heights and ample parking. It’s located in a quiet neighborhood off W Main Street in Jeffersonville and is within 10 minutes of I-76, I276 and I-476. The local industrial market has virtually no vacancy and, as a result, year-over-year rent growth was close to 10%.

Overall, this investment is a historically fully occupied light-assembly building in a convenient urban location. Nearby properties are almost all 100% occupied and the area is experiencing rapid rent growth. The property also offers quick access to major highways and to downtown Philadelphia.


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