BOOTHWYN, PA-West Chester-based RedGo Development sells five buildings aggregating 175,796 sf in Naamans Creek Center for in excess of $21 million, or just under $120 per sf. The price tag "is a new benchmark for flex/warehouse facilities in this market and exceeded RedGo's expectations," Steve Marzullo, SVP of Trammell Crow Co.'s capital markets group, tells GlobeSt.com.

He and TCC associate Nick Harris represented the seller and no other brokers were involved in the transaction. The buyer is a Boston-based investment advisor that manages private equity funds and some pension-fund investments. "There was a lot of bidding in multiple rounds among very qualified buyers," Marzullo says. "RedGo has not been a seller, but saw the pricing that has been recently achieved and wanted to take advantage of the market climate."

The buildings, which range from 25,000 sf to 60,000 sf, were completed between 1998 and 2002. Marzullo says 45% of the finished space is office or lab, and 55% is warehouse. They are 97% leased, and, among the tenants are GE Capital, Philadelphia Newspapers, NeighborCare, Halloween Adventure, Delaware Valley Surgical and E&R Industrial. Asking market rent rates are $13.50 per sf triple-net for office, and $6.50 per sf triple-net for warehouse, according to Marzullo.

Naamans Creek encompasses about 17 buildings aggregating 670,000 sf and also includes some development sites. About half of the properties are owner occupied. RedGo retains some buildings and two are investor-owned.