BOOTHWYN, PA-GID Investment Advisors has acquired Seven Creek Parkway, a single-story, 40,000-sf building in the Naamans Creek Center. On condition of anonymity, a broker familiar with, but not involved in the transaction, tells GlobeSt.com the price was under $4.2 million, which would put it at approximately $105 per sf. Buccini/Pollin Group was the seller. Although the buyer was not named at the time, a month ago GID acquired a five-building portfolio, aggregating 175,796 sf, from West Chester-based RedGo Development for $21 million. At nearly $120 per sf, that sale hit a new benchmark for flex/warehouse buildings in this submarket. The lower price for this property, the GlobeSt.com source says, "is because it has some space availability."

Steve Marzullo, SVP of the capital markets group in the Philadelphia office of Trammell Crow Co., says the building is 80% occupied by two tenants. Marzullo and TCC associate Nick Harris, the same duo that brokered the earlier sale, also introduced this property to GID. "This is one of the few remaining buildings in the park that is not user-owned," Marzullo tells GlobeSt.com. "It made sense for GID to add it to its portfolio here."

Bill Chiasson, GID's VP of real estate acquisitions, represented the buyer and Steve Italiano, SVP in the Wayne office of CB Richard Ellis, represented Buccini/Pollin. "The acquisition gives GID additional flexibility in addressing the needs of the flex market in Delaware County as well as in dealing with existing tenants in the park," Chaisson says. The rent rate for office space in the building is $13 per sf, triple net, and warehouse space ranges between $6.25 per sf and $6.50 per sf, according to Marzullo.