LIMERICK, PA-East Norriton-based Gambone Development has acquired 129 acres, the last undeveloped portion of 265-acre Linfield Corporate Center, for $9.7 million, or $75,194 an acre. It plans to begin construction of three flex buildings aggregating 124,260 sf on spec this spring.
The seller is Exton-based Jack Loew, a Chester County developer who, in a partnership consisting of Hough-Loew Associates Inc. and Valley Investment Group XV, developed the master-planned industrial center at Route 422 and Lewis Road. John Lieberman, a principal of Wayne-based Lieberman Early & Co., negotiated the sale.
Gambone plans to begin construction of three buildings of 28,460 sf, 43,300 sf and 52,500 sf, respectively, this spring. Gambone developed the nearby 500,000-sf Limerick Industrial Park. Calls to Gambone were not returned by deadline. According to fourth-quarter 2005 data from the area office of Cushman & Wakefield, the average asking net rental rate for class A flex space in Montgomery County is $10.03 per sf.
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