Amerimar JV Obtains $43M to Buy International Plaza

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PHILADELPHIA-A joint venture between locally based Amerimar Enterprises and Angelo Gordon & Co., a New York City-based investment firm, has acquired the class A International Plaza I and II office complex. The buildings are located on 27 acres off Route 291 in E Tinicum Township, adjacent to the Philadelphia International Airport. They were constructed in 1959 and 1974 and renovated between 1996 and 1998.

Evan Pariser, managing director, and Steven Klein, senior analyst in the New York City office of Holiday Fenoglio Fowler, arranged $43 million in financing for the buy. The funding is a 10-year, fixed-rate loan, which includes $1.5 million for capital improvements and leasing commissions for the two-building, 488,009-sf, complex. Pariser did not disclose the interest rate, but tells GlobeSt.com the financing represents a loan-to-cost ratio of between 65% and 70%, which, minus the $1.5 million, would put the acquisition cost at between approximately $59.3 million and $63.8 million. The lender is Northbrook, IL-based Allstate Investments. Calls to Amerimar and Angelo Gordon were not returned by deadline.

According to the Amerimar website, the complex is currently 85.9% occupied. Among the tenants are AIG Insurance, the Federal Aviation Authority and the city’s Department of Aviation. The planned improvements include façade work, modernization of elevators, renovation of the lobby and redecoration of corridors. Published asking rental rates for space in the buildings, listed by the local office of GVA Smith Mack, are between $23.50 per sf and $24.50 per sf.