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Chicago, IL, United States, 2012/01/01 - The Preferred Companies brokers a 100% leased property leased to the Federal Government. The facility, near the Philadelphia Regional Airport, will be occupied by the Drug Enforcement Agency - PreferredDevelopment.com.
The Preferred Companies, a full service real estate firm based in Chicago, has completed the sale of a single tenant government leased property located near the Philadelphia Regional Airport for $8,600, 000.
The 49,990 square foot DEA building was built in 1974 and subsequently fully renovated in 2011. The property is leased to the GSA with a ten year term and a five year option. The building was fully renovated at the time of sale.
Philadelphia is the largest city in the Commonwealth of Pennsylvania, it is the county seat of Philadelphia County, with which it is coterminous. It is the fifth-most-populous city in the United States; with a 2010 U.S. Census estimated population of 1,526, 006. Philadelphia is also the commercial, cultural, and educational center of the Delaware Valley, home to 6 million people and the country's fifth-largest metropolitan area. Popular nicknames for Philadelphia are Philly and The City of Brotherly Love.
Located adjacent to the Philadelphia Northeast Regional Airport, and in close proximity to I-276 (The Pennsylvania Turnpike) and I-95, the building serves as an important hub for the DEA in the Philadelphia and eastern Pennsylvania region in its mission to enforce the controlled substance laws and regulations of the United States and bring to the criminal and civil justice system those involved in the manufacturing and distribution of controlled substances.
Evan Oliff of the Preferred Companies represented the buyer, a limited liability company, in the transaction. The seller was a Virginia based developer.
“The market for well located, mission critical properties leased to the federal government is very strong today” said Evan Oliff, President of the Preferred Companies. “Investors are looking for both security and a favorable yield due to the high credit of this particular tenant”. Oliff also added,“This property will serve the mission of the DEA for a long time due to its strategic location and layout of the facility”.
About the Preferred Companies
The Preferred Companies (preferreddevelopment.com) is a boutique investment real estate firm specializing in net leased and multi tenant properties. The firm provides a full range of brokerage, advisory, management and financing services. Founded in 1992 the firm has developed, acquired and manage 1,200, 000 square feet of retail, office, senior housing and government occupied properties. The Preferred Companies is headquartered in the CBD of Chicago.