The Yarway acquisition builds BET's Blue Bell portfolio to 300,000 sf, including the recently purchased 10 Sentry Parkway office property, which is 100% leased to Merck Pharmaceuticals. The Yarway facility also takes the BET Philadelphia-area commercial portfolio to more than 1.5 million sf.
Michael P. Markman, BET's EVP, declined to tell GlobeSt.com the price paid for the building and the 18 landscaped acres on which it stands. He says BET "plans to renovate the Yarway building to create a class A office space in a submarket that has very few large blocks of office space currently available."
AT present, the building contains approximately 48,600 sf of office space on three levels, 112,200 sf of air-conditioned, first-floor manufacturing area and a 7,500 sf mezzanine. Markman would not disclose the rental rate BET will seek for the property. "We've had interest from some office and lab-type users," he says.
The asking rental rate for office space at a class A building in the Blue Bell/Plymouth Meeting, PA submarket begins at $23.63 per sf, according to a third-quarter report from the Philadelphia office of Grubb & Ellis. Asking rates for manufacturing space in the Philadelphia suburbs spans a wide range of between about $4.50 and $9.25 per sf.
John H. Greenwald, a principal of Conshohocken, PA-based Beacon Commercial Real Estate, and Shawn Kelter, an SVP in the Los Angeles office of Grubb & Ellis, negotiated the agreement of sale.
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