The most recently closed transaction was finalized on Monday: a new built-to-suite flex and office building at 3055 McCann Farm Dr. located in the Garnet Plaza Flex Business Park in Boothwyn. The 20,800-sf facility sold for an undisclosed price to JJR Enterprises LP by St. Andrews Properties LP. Other available product in Garnet Plaza, which is located on the former DuPont and Standard Register Facility site, includes a 69,000-sf speculative flex building underway for a June 2008 and three more built-to-suit buildings approved and ready for development.

Earlier this year, a $1-million trade of 411 Powhattan Ave., in Lester was also closed by CBRE. A 15,800-sf industrial building, it is a freestanding, multiple dock loading, office-to-suit property with over 24' high ceiling heights, the facility is very close to the Philadelphia International Airport. The other trade was a 5,200-sf flex office warehouse condo unit at 882 S. Matlack St. in West Chester that traded for $600,000.

Despite these sales, the area's key industrial market of Philadelphia is showing signs that it is leveling off, according to CB Richard Ellis' Q4 report for the region. Reasons include the completion of several construction projects during the fourth quarter, adding close to two million sf of inventory, most of which has already been leased. Also, according to CBRE, rising construction, land and entitlement have not yet been reflected in asking lease rates. In coming quarters, rents will either rise or begin to cut into developers' profits, CBRE concluded.