16B — September 26 - October 9, 2014 — Green Buildings — M id A tlantic

Real Estate Journal


G reen B uildings 89,000 s/fof energy-efficient &environmentally safe design Advalurem Group acquires LEED Gold office building Y ARDLEY, PA — Ad- valurem Group has acquired an ownership

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Electrical Contractors State, Municipal & Government Hospital & Institutions Property Management & Hospitality Products we offer: Wire, Pipe, Fittings & Wiring Devices Switchgear, Panelboards, Motor Controls & Motors Lighting & replacement Lamps LED Retrofits, Fixtures and other Energy Efficient Products Sub-Metering Equipment Meters, Tools & Ladders Safety Devices & Equipment Fire Alarms, Smoke Detectors & Burglar Alarms Generators Services we offer: On time Deliveries to meet customer requirements 24/7 Emergency Response Inventory Management Project quotes Lighting & Energy Audits Customer Training

interest in 1000 Floral Vale, a class A, LEED Gold-certified office building located in Yard- ley, within the Philadelphia MSA. 1000 Floral Vale is the new- est and most sophisticated building in its submarket. Built in November 2009, the 89,000 s/f office building meets institutional, energy-efficient and environmentally safe design standards, earning it a LEED Gold certification, among other accolades. The property is located in Lower Makefield Twp., a high- income demographic area of northern Philadelphia, proxi- mate to many employment demand drivers, transporta- tion networks and commercial retail nodes. “This is an area that grabbed our attention,” said Gabriel Pozo , principal and founder of Advalurem Group. “Low- er Makefield Township is one of Philadelphia’s more prominent submarkets. It is ranked the #1 wealthiest area in Pennsylvania and is consistently featured in CNN/ Money’s top rankings of ‘Best

455 Third Street Jersey City, NJ 07302 Ph: 201-653-1613 Fx: 201-653-5470 Bob Kilroy bkilroy@Jewelelectric.com

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Places to Live’ in the U.S.” The Property is currently 80% leased; primarily to two ‘investment grade’ tenants on long-term leases with ex- tension options. All tenants entered into lease agreements post-recession and represent first generation space at mar- ket terms. The business plan calls for the absorption of available space and moderate exterior capital improvements to enhance the user experi- ence and marketability of the Property. Advalurem Group’s local partner was able to negoti-

ate an attractive going-in yield and $214 p/s/f due to the seller’s need for liquidity. The purchase price represents a significant discount to re- placement cost as valuations were much higher during the last real estate cycle. The re-setting of basis from the developer’s building costs al- lows Advalurem Group and its local partner, Pembroke Hobson , the opportunity to competitively price the re- maining space, offering a high quality real estate investment that exhibits stable cash flow and discernible upside. n


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