(Read more on the industrial market.)
WEST CHESTER, PA-After selling his business, Joseph D'Andrea, who operated a granite and marble fabrication company at 1139 Phoenixville Pike, has sold the 15,000-sf building for nearly $1.5 million, or just under $100 per sf, to locally based Vanrep Properties Inc. Like D'Andrea, the buyer is a user/owner who will utilize the unusual asset as a showroom, office and warehouse.
The property combines a 3,000-sf historic 1700s former residential building with a 12,000-sf modern warehouse that was added in the late 1970s. To most potential buys, the combination of structures would have been a detriment, according to MaryFrances McGarrity of King of Prussia-based Jackson Cross Partners, who represented the seller.
"Although the house gives the building character," she tells GlobeSt.com, "it's a funky looking property, and most prospects want a 15,000-sf warehouse." Nevertheless, she priced it at the $100-per-sf mark and found a buyer that appreciated its distinctive character and will use the residence for offices.
The building is located a half-mile from Routes 202 and 3. The warehouse portion has a drive-in door and two loading docks. "It has a strong owner/user occupancy history," McGarrity says, "and the sale also demonstrates the strength of the market for modern, well-located, small industrial buildings." Charles Swope of Malvern-based Source Realty Group, represented Vanrep in the transaction.
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