Jim Reading, president of RedGo, tells GlobeSt.com it paid the seller, Whitford Worldwide, $4.4 million. Whitford now occupies the buildings, but will vacate them and relocate to a 200,000-sf building in Elverson, about 20 miles west of here.
RedGo plans to convert the 41,000-sf existing manufacturing facility into multi-tenant flex space with units ranging from 3,000 sf to 27,000 sf, and renovate the 18,000-sf existing office building, both of which are approximately 25 years old. Reading says the new construction will consist of four buildings–two office and two flex. "We have a lot of approvals to go through," he says, and anticipates construction will take place between 2007 and 2009.
"The existing freestanding office building and the flex building will be ready for occupancy in first-quarter 2007," according to Len Redeyoff, first VP in the area office of CB Richard Ellis. Redeyoff, VP Tom Bailey, associate Paul Touhey and market researcher Mitch Reading in the same CBRE office, are marketing these and the new construction.
The asking rent rate for the renovated office space will be between $15 per sf and $16 per sf, Redeyoff tells GlobeSt.com, while flex space in the converted manufacturing structure is being marketed at between $6 per sf and $8 per sf, depending on the size of the unit. He expects the asking rent rate in the new flex buildings to be about $6.50 per sf, triple net. The Three Ton Center is located off Rte. 30 and offers easy access to Rte. 202. It now contains four buildings split among different owners.
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