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User-Buyers Snap Up Suburban Flex Assets

KING OF PRUSSIA, PA-Divine HVAC acquires a 40,000-sf building at 600 Clark Ave. here for $82.50 per sf, and another user pays $52.50 per sf for a 40,000-sf asset in Concordville.

By Marita Thomas | Updated on July 24, 2006

KING OF PRUSSIA, PA-In unrelated transactions, two user-buyers each acquires 40,000-sf flex facilities that provide space for expansion and income in the interim. The building at 600 Clark Ave. here trades for $82.50 per sf, while a property of the same size at 98 Lacrue Ave. in Concordville, about 25 miles to the south, commands $52.50 per sf.

In partnership with Kershner Office Furniture Inc., Havertown-based Divine HVAC buys the single-story Clark Avenue asset from local investor-developer CD Clark Associates for approximately $3.3 million. Divine and Kershner will relocate from their now-separate existing facilities.

Matt Devine of the local office of Grubb & Ellis represented the buyers in the transaction. Gene McHale, a principal; Taylor Young, VP; and associate Steve Compton of Conshohocken-based Beacon Commercial Real Estate represented CD Clark. According to McHale, Divine currently occupies 10,000 sf, and the new facility not only allows for expansion, but also helps it service clients better because of its close proximity to Rte. 202, I 76 and the Pennsylvania Turnpike.

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