(To read more on the industrial market, click here.)
PHOENIXVILLE, PA-Siegl Properties, which occupies 12,000 sf at 1041 Bridge St., has sold the 140,000-sf industrial building for nearly $7.2 million, or about $53.43 per sf. The property, which was built in the 1950s and later expanded, is currently 95% occupied by 20 different tenants.
Peter Greenhalgh, director of industrial and high tech markets in the Philadelphia office of Cushman & Wakefield, represented both the seller and the buyer, an area developer identified as Bridge St. Phoenixville LP, in the transaction. This is the third time Greenhalgh has negotiated the sale of this property since 1993.
He tells GlobeSt.com that Siegl paid almost $2.9 million for it in 1999. Of the latest sale, he says, "the price, the occupancy level, and the rental rates show the need for small-space industrial." Net rent rates vary widely, according to Greenhalgh, who says they range between $6 per sf and $13 per sf.
Greenhalgh once worked for West Pharmaceutical Services, which owned the property until 1993. After he left to join the commercial real estate industry, West called on him to sell the building. After negotiating that sale to a local developer, he also handled leasing for the owner.
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