Jim Jacobs, head of Jacobs Realty Group LLC, Wayne, sent me sale prices today for done deals at three respectable suburban neighborhood commerical buildings - a medical office, a warehouse group, a restaurant - and compared today's prices with their earlier, peak sale values.
The results are sobering: Prices are still a long way, not just from the bubble years of the middle 2000s, but from years earlier.
- 1201 County Line Road, Bryn Mawr, a 9,200 sq ft medical office building, was bought by 26 Montrose Associates - the group includes one of the prior owners - for $1.2 million - about what comparable properties were selling for way back in 2003.

- 891, 713 and 821 East Lincoln Highway, Exton, three "flex" office/warehouse buildings totalling 22,200 sq ft on 12 acres, were sold by CDS Investment Co. to 891 E. Lincoln Associates for $925,000 - which Jacobs says is about what they were worth in 1995, Jacobs says. (They'll need some "remediation," but it's still a "great deal" at the price, he added.)
- And the Drafting Room restaurant, 10,000 sq ft at 900 N. Bethlehem Pike, Spring House, was sold by DRI Real Estate Holdings to Kefelonia Partners LP for $1.1 million -- less than the $1.4 million the property brought in 1995, before a $400,000 renovation and improvements.

Those are "bargain" prices, Jacobs says. Good for bargain-hunting investors; not so good for owners hoping to trade up, retire out, or use their properties as collateral. And it's no invitation to build new space, when so much is already available on the cheap.
Jacobs sold the Drafting Room, buyer represented by Blue Square Realty. Jacobs' Bob DiSimone sold the Exton land, buyer represented by First Liberty Partners. Vista Realty Partners sold the Bryn Mawr building, buyer represented by Jacobs' Pete Zingoni.