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40,000 SF of Deals Underscore Active Markets

WAYNE, PA-The sales are spotlighting the pockets of growth in certain parts of the state even as industrial sales level off in the area.

By Erika Morphy | Updated on March 18, 2008

WAYNE, PA-CB Richard Ellis’ local office has brokered the sale of more than 40,000 sf of industrial and flex space over the last three months. The deals, three all together that totaled $3.5 million, were brokered by Steve Italiano, who represented both buyer and seller in the three deals.

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.

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