Colliers International in Philadelphia has been selected to represent Insalaco Development Group in the sale of The Constitution Building, a suburban office investment opportunity located at 1950 Street Road, Bensalem PA, Lower Bucks County, Philadelphia MSA.
The property is strategically located with Its frontage on busy Street Road (33,021 AOT) provides excellent visibility for tenants' businesses, and immediate access to an abundance of shopping, dining, hotel and service amenities. Currently 91.6 percent occupied, The Constitution Building has a long history of high occupancy and renewals, consistently outpacing its competitive set in this submarket. Offered at a purchase price of $3,875,000, the buyer’s first year returns are projected to be an 8.5% Cap Rate and 15.9% Cash-On-Cash.
The location is also convenient to I-95 (one mile), US Route 1 (2.6 miles), and I-76 (three miles) which puts the Property within easy reach of Philadelphia’s northern suburbs, Center City and New Jersey. Easily accessible public transit via SEPTA’s extensive bus and rail system is another reason the Constitution Building’s occupancy has consistently been above 90 percent with a high proportion of tenant renewals.
Current tenants include A-1 Family Dental Care, Treen Box & Pallet Corp., Pennsylvania Dermatology Partners, Marshall Kressman, Esq., the State of Tennessee, and Summit Mortgage Company.
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