651 Park Avenue, King of Prussia, PA
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1 OFFICE/FLEX BUILDING FOR SALE OR LEASE 651 Park Avenue, King of Prussia, PA Corner Location at First and Park Avenue SALE PRICE - $2,900,000 n 21, s.f. situated on 2.30 acres n Flexible Terms Immediate occupancy n Zoned Suburban Metropolitan Upper Merion Township Montgomery County, PA n Corner location at First & Park Avenue excellent visibility & sign exposure n Convenient access to all major roads & interstates: Routes 23, 202, 363 & 422 Interstates: 76, 276 & 476 n Located less than 2 miles to the King of Prussia Mall and: Numerous hotels, restaurants, daycare, shopping Residential communities with access to good labor pool Surrounded by major office parks Valley Forge National Park Valley Forge Convention Center & Valley Forge Casino For more information contact: Thomas Kramer Tom@TDKCA.com 1
2 EXECUTIVE SUMMARY Building Size: Main Floor 10, s.f. Warehouse 5, s.f 2nd Floor 5, s.f. Total 21, s.f. Year Built: Parking: Tax Parcel: Land Area: Utilities: Exterior: Roof: Windows: Special Features: 1965 Original 1 story building completely renovated in 1995 with separate entrance/reception 2-story addition completed in 2001 with separate entrance/reception & elevator 30 spaces Plan designed to expand parking to 60 spaces (unapproved by Upper Merion), see picture on page 3 and plan on page 13. # Montgomery County, PA 2.30 Acres Public Water & Sewer Original building is a steel structure with split face block and Dryvit over existing brick, including some exposed brick painted white. The 2-story building is a steel structure with split face block and Dryvit Rubber Roof 1st floor area 15 years old metal roof 2nd floor area 10 years old Thermal fixed pane Separate entrances for attached 2 story addition and for main office space Dramatic ceiling heights for space in two story addition Dramatic water wall in the addition s 2-story lobby 2
3 Equipment & Mechanical Systems HVAC: 3 new rooftop American Standard HVAC systems installed in 2007 (1) 5 ton & (2) 20 ton 3 Trane 12-1/2 ton system installed in 2-story addition in 2001 Central A/C and gas forced air heat 15 zones Supplemental electric baseboard heat on most perimeter walls throughout gas hot water 55 gallon tank Electric Service: On-site transformer provides unlimited electrical power to the building Voltage phase Life Safety: Smoke detectors throughout the building Wet sprinkler system throughout including warehouse ADA compliant Security System: Other Features: Full security system including motion detectors monitored by ADT 24 hours n FIOS Ready Telephone system Included n *Non-fixed furniture for sale, including all kitchen equipment n Upgraded Armstrong linear beveled cross gate ceiling tiles in most areas with upgraded lighting fixtures throughout n Ceiling height ranges between 10 to 11 throughout the 1-story building Site Layout Plan for additional parking spaces 3
4 Property Description Orginally, the building was occupied by the corporate headquarters of The Ritter Company, an advertising and marketing firm. The entrance to the building features a double-glass door leading to a spacious lobby with marble flooring and seating area. Special improvements unique to The Ritter s Company s business are featured throughout. The tenant layout consists of perimeter and interior offices with fixed furniture, window shades and carpeting throughout. There is a 1st floor conference center with a separate entrance from the parking lot. A recording studio with 2 soundproof recording booths include theater style seating and audio visual lab. A full size, eat-in kitchen features an electric range, microwave, dishwasher, and side-by-side refrigerator. There is an additional kitchenette serving a photo studio and a glass conference room with adjoining butler s pantry. A large corner executive office includes a separate conference room, kitchenette and bathroom. 4
5 There are 2 sets of men & women s bathrooms on the first floor which have ceramic tile flooring. The warehouse is 5,566 s.f. of climate controlled space with 18 ceilings, perimeter windows, an electric overhead garage door, 1 bathroom, an exterior door and is fully sprinklered. The 2-story addition has a separate entrance with a dramatic floor to ceiling panoramic window, marble floored lobby, seating area and water wall leading to the second floor. An elevator and staircase service the 2nd floor of wide open space, with an atrium skylight open to a 19 ceiling, kitchenette, men s & women s room, each with marble flooring. 5
6 ECONOMIC ANALYSIS Montgomery County Area Analysis Montgomery County is located in southeastern Pennsylvania approximately 4 miles northeast of Center City Philadelphia. It is 483 square miles in size and has a population density of 1,672 persons per square mile. Montgomery County is part of the Philadelphia-Camden- Wilmington, PA, NJ, DE, MD, Metropolitan Statistical Area, hereinafter called the Philadelphia MSA, as defined by the U.S. Office of Management and Budget. Montgomery County is an integral part of the Philadelphia Metropolitan Area, a major region located at the epicenter of the most prosperous, densely populated megalopolis in America. As the fifth largest metropolitan area in the United States (and second largest in the East Coast in terms of population and employment), having a population of almost 6 million and an employment of 2.6 million, Philadelphia is Pennsylvania s largest region and the business capital of the state, and ranks fifth in size only to New York, Los Angeles, Chicago and Dallas-Ft. Worth. More than 25% of the U.S. population lives within a 300-mile radius of the region. Travel times to NYC and Baltimore are less than two hours and three hours to Washington DC. The Greater Philadelphia region stretches beyond state boundaries into South Jersey (Atlantic City) and Northern Delaware. The Philadelphia-Southern New Jersey-Delaware Metropolitan Statistical Area (MSA) encompasses a nine-county area totaling 3,586 square miles and includes the counties of Philadelphia, Bucks, Chester, Delaware and Montgomery in southeastern Pennsylvania, as well as Burlington, Camden, Salem, and Gloucester in Southern New Jersey and the state of Delaware. The map shown below outlines the various counties (except Cecil County, Maryland) comprising the Greater Philadelphia Metropolitan area. A map of showing the location of the region within the East Coast showing a 25 and 50-mile radius from the county seat at Doylestown, PA at right. 6
7 The Metropolitan Philadelphia area s central location, diverse industry base, proven corporate commitment and talented labor pool has made it a leading economic center for many years. The Philadelphia region boasts a large, highly skilled and educated workforce that comprises one of the most wide-ranging economies in the nation. Today, the Philadelphia area has a strong presence in the field of healthcare, education, pharmaceuticals, and biotechnology, as well as oil and chemicals, telecommunications, computer technology, food manufacturing and finance. The presence of leading educational institutions in the area has also made Philadelphia a top communications and technology center. The education and healthcare sector, which is largely recession resistant, is the leading employment sector in both size and growth in Greater Philadelphia. The presence of numerous surrounding colleges and universities has also aided the city s development into one of the top life-sciences centers in the nation along with Boston and San Francisco. The fastest growing sectors of the Philadelphia economy are the biomedical and pharmaceutical industries. Furthermore, biotechnology attracts a large share of venture capital investments into the City of Philadelphia. Capitalizing on Greater Philadelphia s history as both a chemical and research center, 14 major pharmaceutical firms and nearly 100 biotech firms are located in the area, making it the second largest pharmaceutical center in the nation. Key economic considerations that drive the region s economy include the following: n 6th largest metro region in the US and 2nd largest in the East Coast n 6th largest in personal income n 4th largest total employment n 4th largest media market n Offers one of the lowest rents among northeastern MSA s with an average Class A office rent of about $27 p.s.f. n Life Sciences is the #1 economic engine driving the Greater Philadelphia region with more than 400 locally based life sciences companies. A comparative study released by the Milken Institute in May 2009 ranked Greater Philadelphia second in the study s Overall Composite, after Boston and ahead of Greater San Francisco. n Manufacturing The area s industrial and manufacturing base is diversified with more than 90% of all industries as defined by the SIC of the U.S. Labor Department. Manufacturing specialties include chemicals, printing, publishing, medical, pharmaceutical, and transportation equipment. Among the region s largest manufacturing firms are: Boeing Helicopter, Campbell Soup, CertainTeed, DuPont, Sun Company, Dow Chemical, and GlaxoSmithKline. n Education The region is home to one of the highest concentrations of institutions of higher learning in the U.S., with over 90 colleges and universities and 290,000 students. n Tourism Greater Philadelphia accounts for one third of all tourism revenue generated in the state of Pennsylvania. According to the Greater Philadelphia Tourism Marketing Corporation, the region welcomed 37.4 million domestic visitors during Tourism added $8.7 billion to the regional economy over the course of the year. Tourism sustained 84,807 full-time jobs in 2010, generating $2.71 billion in wages. 7
8 n The cost of living in the Greater Philadelphia region is 10% less than Washington D.C., 5.2% less than Boston and 41.5% lower than New York City according to the ACCRA Cost of Living Index, 1Q n Greater Philadelphia is home to six medical schools. One in five U.S. physicians has received training in a Greater Philadelphia medical school or hospital. n Leading Indicator, compiled by the Select Greater Philadelphia group and IHS Global Insight has forecast moderate economic growth for the region beginning summer In the following sections a statistical comparison is made of Montgomery County with the region. While city-wide numbers are important to review, the regional statistics and the demand generators of the local area surrounding the subject are more relevant to the marketability and value of the subject compared to the specific historical trends of the city overall. The above information is as of POPULATION Montgomery County has an estimated 2012 population of 812,376,, Montgomery County added an average of 4,818 residents per year over the period, and its annual growth rate exceeded the Philadelphia MSA rate of 0.5%. OFFICE MARKET OVERVIEW KING OF PRUSSIA The King of Prussia market consists of 8,858,865 s.f. of this 1,475,819 s.f. is vacant for a total vacancy factor of 17.8% which is higher than the total suburban vacancy rate. Year to date absorption is also negative 10,770. This is due to several larger companies relocating to the newly renovated facilities in the Wayne submarket, as well as the continued trend of corporate downsizing. The average rental rate between class A and B is $27.18 s.f. Several landlords have or will renovate existing product in the area including Brandywine Realty who plans to renovate Bay Colony, Hayden Real Estate has completed renovations to 150 S. Warner Road, and Liberty Property Trust completed modifications to 1170 Devon Park Drive. Children s Hospital has started construction on a 120,000 s.f. facility at the Village of Valley Forge as well as the King of Prussia mall is in the midst of a major expansion, adding 125,000 s.f. Outlook Tenants continue to seek more efficient properties where they can reduce their footprint while increasing productivity. Landlords have taken notice of this and will continue to renovate older class B product in order to secure these tenants. Vacancy and rental rates will most likely remain flat. King of Prussia itself is in the midst of a major resurgence. As mentioned, the King of Prussia mall is undergoing a renovation that will include more than 45 new stores. Within 10 years, there is the increasing reality that the 5 mile extension of the Norristown high speed line could be expanded to include stops in and around the mall helping more workers get to the area. The recently rezoned KOP business park on 672 acres (between Route 23 and the PA Turnpike) will allow people to live near where they work, shop, and play a development designed to feed young adults appetites for urbanstyle convenience, where cars aren t necessary and home has a sense of community. All of this major redevelopment will benefit properties like 651 Park Avenue in terms of value, and attracting tenants and employees. 8
9 Aerial photograph of 651 Park Avenue, King of Prussia, Upper Merion Township, PA Tenant Lease Information: Tenant Name: Total SF: Cinemacake 3,000 s.f. Rent: Year One $ 54, Yesr Two $ 60, Renewal Option: Escalations: 1 renewal option for a period of 12 months Triple Net lease Sales Broker Thomas D. Kramer TDK Commercial Advisors 2200 Renaissance Boulevard Suite 310 King of Prussia, PA T E Tom@TDKCA.com W Term Expiration: June 6, 2016 Tenant Description: Wedding and event filmakers Tenant website: 9
10 SPACE PLAN 10
11 FIRST FLOOR 11
12 SECOND FLOOR 12
13 Proposed Parking Expansion Plan 13
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