DescriptionOn behalf of ownership, Avison Young is pleased to offer the Falcon Center at 525 West Chester Pike in Havertown, PA (the “Property”) for sale to qualified value-add investors and developers. The offering is a 45,936 SF Class B medical office building with strategic frontage along West Chester Pike (28,000 VPD) in Haverford Township. The Property is currently a standalone office building that is +/- 76.5% occupied to 19 unique tenants and enjoys an ideal location along a bustling retail corridor including highly visible signage opportunities.The Falcon Centers stands as an outstanding value-add site due to high leasing momentum in the Delaware County office submarket and the ability to refresh the Property to heighten leasing demand through a strategic capital improvement program. Additionally, the below market in-place rents average $20.41 PSF present intrinsic value (which is 15% below market). Through additional lease up, NOI can be increased $90,000 through conservative leasing of vacant spaces at $17.50 PSF. Further, as future downside protection, the Falcon Center is also poised as a unique redevelopment site and potentially presents the rare opportunity to eventually join a vibrant and diverse retail community along a heavily-traveled stretch of West Chester Pike set amongst a dense local residential population that turn to the retail offerings along the retail corridor for their shopping needs.Given the age of the facility coupled with recently completed new and extended leases, the Falcon Center is well-positioned for an aggressive value-add repositioning play on the part of the next owner. Moreover, the Property benefits from an attractive tax environment within Haverford Township and a bustling suburban location, the Property is primed for a full repositioning to offer a competitive advantage winning tenants going forward. Additionally, with C-3 General Commercial zoning that allows for a variety of uses by right, including retail and restaurants, the Falcon Center is an excellent candidate for conversion down the line for investors whose vision includes a redevelopment given the growth and evolution in this market. Overall, the Falcon Center represents an excellent opportunity for a new owner to create, fulfill, and capitalize on their vision for a highly visible, value-add site that has the intrinsic benefit of retail redevelopment.HighlightsValue-Add Potential: Given the age of the building, current vacancies, and upcoming potential rollover, there is ample opportunity for the value-oriented developer to immediately begin executing on a full value-add repositioning plan. With solid signage opportunities along West Chester Pike, a robust local amenity base, and a favorable tax environment, the Falcon Center possesses enough intangibles that, coupled with an intensive repositioning effort, will make the property highly attractive to future tenants. Investors will have the immediate ability to undertake a value-add strategy that will justify increasing rents an upwards of 15% in the future and draw more tenant attention to the Property. Competing medical office building in Havertown such 1010 West Chester Pike and the Towne West Professional Center are asking $24.50 and $25.00 PSF, respectively. Further, with multiple of the 19 unique in-place tenants being long-term occupiers at the Falcon Center, the next investor should feel comfortable with their ability to retain new tenants leasing space at the Property.Location in a Retail Corridor with Dense Housing Stock: The Falcon Center benefits from prime visibility and signage along West Chester Pike (28,000 VPD) that allows for westbound traffic to make a right turn into the complex. A plethora of stores and restaurants are located along West Chester Pike and together create a quintessential suburban retail corridor that is highly attractive to tenants looking for a local amenity base for their employees. Nearby retail and lifestyle options include LA Fitness, Lowe’s Home Improvement, GIANT, Kohl’s, and the 33-tenant Manoa Shopping Center which includes ACME, Rite Aid, and PA Wine & Spirits amongst many others that benefit the significant housing stock within a tight radius of the Property.. Local restaurants and eateries include Applebee’s, Dunkin Donuts, Tip O’Leary’s, Primo Hoagies, Starbucks, and McDonald’s. Please see page 5 for a detailed map overview of the Havertown retail corridor that the Falcon Center sits within. Only two tenants have the option to renew past their current term ending January, 2023 and August, 2024, respectively. The asset’s strategic location presents the opportunity to redevelop the site in a short period of time, enabling the buyer to search for the right user.Flexible Zoning: The site’s flexible C-3 (General Commercial District) zoning allows for a myriad of permitted uses including a wide spectrum of retail, restaurant, office, and hotel possibilities. As such, the underlying land has enduring value thanks to its positioning in relation to complementary commercial sites and potential future uses. Given current lease term remaining and the present opportunity to execute on a value-add effort, the Falcon Center presents the opportunity to improve an aging office asset. However, should future leasing demand not meet investor expectations, the Falcon Center is poised to take advantage of the generous C-3 zoning through a successful redevelopment effort into one of the many permitted uses under its current zoning district. Despite the remaining term on tenants like Dr. Harvey Wank, the small size of the spaces makes it relatively inexpensive to buy out leases, allowing redevelopment to be expedited. As such, Falcon Center presents the opportunity to purchase what would typically be a high-priced development site at a discounted office price. The zoning overview on page 9 provides a comprehensive break