The buyer, Geat-Ju Corp., a Philadelphia-area-based private real estate investor/developer partnership, has long-term plans to refurbish the property. This is Geat-Ju's second hardware property acquisition in less than a month. In late October it acquired National Hardware's 24,800-sf former headquarters in Philadelphia's Old City neighborhood for approximately $1.8 million, or about $74 per sf.
Scott Gabrielsen, SVP of King of Prussia, PA-based Binswanger/CBB, represented both Bob Smith and Geat-Ju in the recent transaction. "The new owner will bring a sophisticated plan to upgrade one of the most prominent corners of the Main Line," says Gabrielsen. Of Smith, he says, "the time has come for Bob to move on and seek greener pastures on his farm in Chester County."
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