The complex is located near the Downingtown interchange of the Pennsylvania Turnpike. "The location is a part of the Downingtown, Route 100 market we want to penetrate," Jim Mazzarelli, Liberty's SVP and regional director, tells GlobeSt.com. "We think it's one of the paths to growth in the Philadelphia suburbs." Citing a confidentiality agreement, he declined to disclose the price.
The complex consists of one-story buildings containing 39,805 sf, 36,040 sf and 32,000 sf, respectively. According to Mazzarelli they require only minor renovations and cosmetic upgrades.
The asset is currently 67% leased, and Verizon, GE Capital and Kidde Fire Protection are among the tenants. The published rental rate is $21.50 per sf.
Malvern-based Liberty owns and manages approximately 15 million sf of office and industrial space in Southeastern Pennsylvania. It was represented in house. Bill Russell and Jeff Mack of Wayne-based GVA Smith Mack represented the seller.
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