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132 S 3rd Street, Easton, PA, 18042

Offering Memorandum

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Heritage Riverview
$10,300,000

Key Information

Cap Rate
7.34%
Tot. SF
45,644
Year Built
1920 / 2021 (R)
Type
Shopping Centers
Occupancy
100%
NOI
$755,576

Highlights

  • Historic Community Asset: Formerly known as Heritage Lanes, the property has been part of the community for over 100 years.
  • Complete High-Quality Renovation: The building underwent a full transformation, preserving original walls and industrial design elements.
  • Class A Office Conversion: Originally a 21,000 SF single-story, now a two-story, 45,644 SF (GSF) Class A office building.
  • Upgraded Parking: Renovation includes a fully upgraded underground parking garage with 30 spaces.
  • Job Creation: The project has created more than 200 jobs, boosting the city’s economic renaissance.
  • 10-Year LERTA Tax Abatement: Tenants benefit from reduced CAM expenses due to the tax abatement.
  • 100% Leased Two-Tenant Building: Opportunity to acquire a historic building fully leased to strong tenants.
  • Strong Tenant Roster: Hearst Magazines and Scalarworks both signed new 10-year leases with extension options.
  • Scheduled Rental Increases: Both leases include scheduled rental increases, providing stable NOI growth.
  • Prime Downtown Location: Located in Downtown Easton’s Historic District, near major population centers and the Lehigh and Delaware Rivers.

Photos

Location

Agents

Broker of Record

Kyle Matthews

License # RB068831, RM423998 (PA)
Matthews Real Estate Investment Services, Inc
1600 West End Ave, Ste. 1500 Nashville, TN 37203