AVONDALE, PA-The local investment group that owns the former Hewlett-Packard 106,000-sf flex/office building that fronts Newport Pike puts it up for sale at an asking price of $5.9 million, or $55.66 per sf. It is located on 11.7 acres, which are zoned UD for unified development, "a very flexible zoning that permits nearly anything, including residential and retail," Steve Italiano, SVP in the Wayne office of CB Richard Ellis, tells GlobeSt.com.
Italiano and Bert DiClemente, VP in CBRE's Wilmington, DE office, are marketing the two-story property, which contains about 10,000 sf of finished office space. Italiano says the building is approximately 20 years old and will become vacant in February. The average asking rental rate for the facility, he estimates, "is about $9 per sf." The site in south Chester County near the Delaware border accommodates a parking area as well as future expansion. "Potentially, it could accommodate an addition or new structure of up to 25,000 sf," Italiano says.
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