Acquisition – Long Term Portfolio Hold
632 Montgomery Avenue
14,000 square foot office/retail
Located on Montgomery Avenue at the beginning of Philadelphia’s affluent “Main Line,” 632 Montgomery Avenue represented a mixed use, well located asset with high visibility. The seller had owned and operated a dental practice from the building’s construction in 1980 until sale, and sought to extract the equity built up over the past 25 years. The property was only 67% occupied at the time of sale, but was able to generate offers over $200/SF due to its location and rental upside. Purchased by an institutional investor with a long term approach in a market known for its steady appreciation, the seller’s goals were met and surpassed.