28 EAST AIRY STREET, NORRISTOWN, PA 19401 USPS Sale/Leaseback
EXCLUSIVE REPRESENTATION CBRE, Inc. is exclusively representing the seller in this transaction. OFFERING STRUCTURE The Property is being offered to qualified purchasers free and clear of existing debt. A deadline to submit offers will be announced shortly. To schedule a property inspection or receive answers to questions, please contact the CBRE Marketing Team listed on this page. Please do not contact the tenants at the Property. OFFER REQUIREMENTS All offers should include: Investment Properties :: Justin Marlowe Senior Associate +1 610 251 5158 justin.marlowe@cbre.com Licensed: PA :: Stephen Marzullo Senior Vice President +1 610 251 5161 stephen.marzullo@cbre.com Licensed: PA, DE :: CBRE, Inc. 1200 Liberty Ridge Drive Suite 320 Wayne, PA 19087 T +1 610 251 0820 F +1 610 889 9168 Licensed Real Estate Broker Proposed purchase price All cash or proposed financing terms Timing for inspection period and closing Amount of earnest money, including the amount that is non-refundable Source of funds for the acquisition Summary of closed transactions and references Disclaimer No cooperating brokerage commission shall be paid by the USPS or CBRE. Buyer s Broker, if any, shall seek commission compensation from the Buyer only. The USPS expressly reserves the right, at its sole discretion, to reject any or all expressions of interest or offers to purchase the property (the Property ), and/or terminate discussions with any entity at any time with or without notice. The USPS shall have no legal commitment or obligation to any entity reviewing the marketing materials or making an offer to purchase the Property unless and until written agreement(s) for the purchase of the Property have been fully executed, delivered and approved by the USPS, and any conditions to the USPS s obligations have been satisfied or waived.
THE OFFERING CBRE has been retained by ownership as the exclusive marketing advisor for the sale of 28 E Airy Street in Norristown, Montgomery County, PA ( the Property ). This 29,800 SF office/retail building is currently 100% occupied by the United States Postal Service ( USPS ) as the main post office in the Municipality of Norristown. Upon the sale of the Property, the USPS will sign a 5-year sale/leaseback of 5,203 SF on the first floor, providing a value-add opportunity with existing cash flow in place. 28 E Airy Street encompasses three full floors with one half floor and can accommodate various commercial uses including professional/governmental office or retail per the Town Center zoning. The Property features an impressive lobby with high ceilings and displays two historical murals that add to the charm and character INVESTMENT PROFILE PROPERTY TYPE: ADDRESS: RENTABLE SF: USPS LEASEBACK: SITE SIZE: FLOORS: Office/Retail 28 East Airy Street, Norristown, PA 29,800 SF 5,203 SF 1.24 Acres Three YEAR BUILT: 1934 PARKING: ZONING: OFFERING PRICE: 33 Spaces TC Town Center - Historic District Overlay $1,200,000 ($40/SF) of the building. As the Montgomery County seat, the Municipality of Norristown has a significant government and legal presence. The Property is situated in the main business district of Norristown and is located adjacent to the Montgomery County Court House and government facilities. The Property benefits from immediate access to the Norristown Transportation Center, providing public transportation from Center City Philadelphia and surrounding suburban communities through various SEPTA train and bus routes. 28 E Airy Street provides an investor or user the ability to purchase a landmark property in the heart of downtown Norristown supported by a partial sale/leaseback by USPS at a purchase price well below replacement cost.
INVESTMENT HIGHLIGHTS USPS Sale/Leaseback - The USPS will continue to operate in 5,203 SF of space on the first floor, providing steady cash flow to carry the building until the vacant space is leased. On-Site Parking - The 1.24 acre site includes 33 on-site parking spaces that are very rare in the Municipality of Norristown. The building is also surrounded by metered on-street parking. Proximity to Public Transportation - The Norristown Transportation Center is located just a few blocks from the Property, providing easy access to public transportation to Upper Darby s 69th Street Station through the Norristown High Speed Line, Center City Philadelphia through the Manayunk/Norristown Regional Rail and various surrounding suburban areas through multiple SEPTA bus routes. Tremendous User Buyer Opportunity - The Property boasts an impressive lobby, on-site parking, immediate access to public transportation and excellent surrounding amenities providing an ideal work environment for any law firm, professional or government related use. Value-Add Investor Opportunity - Given its central location and historic nature, the Property presents a unique value-add opportunity for an investor/ developer to renovate and lease up the vacant portions of the building. Acquire at a Discount to Replacement Cost - With its exceptional construction quality and rare historical character, this offering provides an opportunity to acquire a unique building significantly below replacement cost. Flexible Town Center Zoning - The current zoning allows for a variety of office and retail uses, as well as mid/high-rise apartments, restaurant, bank, hotel, private school or college. USPS Leaseback
28 E AIRY STREET Montgomery County Courthouse and Government Buildings Norristown Transportation Center
Montgomery County Courthouse and Government Buildings 28 E AIRY STREET FOR MORE INFORMATION, PLEASE CONTACT: Investment Properties :: Justin Marlowe Senior Associate +1 610 251 5158 justin.marlowe@cbre.com Licensed: PA :: Stephen Marzullo Senior Vice President +1 610 251 5161 stephen.marzullo@cbre.com Licensed: PA, DE :: CBRE, Inc. 1200 Liberty Ridge Drive Suite 320 Wayne, PA 19087 www.cbre.com Licensed Real Estate Broker