Delaware County Industrial Building Changes Hands
The property a 1515 Garnet Mine Road here was sold by Evergreen Private Finance of Washington, DC to New York-based BHN Associates.
GARNET VALLEY, PA—A fully-occupied more than 172,000-square-foot industrial office building here has been sold.
The property a 1515 Garnet Mine Road here was sold by Evergreen Private Finance of Washington, DC to New York-based BHN Associates.
1515 Garnet Mine Road is currently 100% occupied by two industrial tenants; The Mine Studios, LLC, which leases 119,031 square feet and Club W, Inc., which occupies 53,040 square feet at the property.
Michael Hines, Brad Ruppel, Brian Fiumara and Lauren Dawicki of CBRE National Partners represented the seller. Italiano Commercial Real Estate Service’s Steve Italiano assisted with the sale.
“Investor demand for older, functioning industrial product along the I-95 corridor has never been stronger,” states CBRE vice chairman Hines.
He adds that both leases are below market at the property that is located three miles from I-95 and 12 miles from Philadelphia International Airport, which makes the deal a tremendous opportunity for BHN Associates going forward.
Built in 1974 and renovated in 2002, the 4.36-acre site was originally designed as a single-tenant manufacturing facility that was subsequently bifurcated to house multiple tenants. Today, 1515 Garnet Mine Road, which is located 25 miles southwest of Center City Philadelphia, contains 48,000 square feet of office space and 124,071 square feet of production and warehouse space with ceiling heights ranging from 16 to 24 feet. The property features 10 existing raised loading docks and the site has the ability to add additional docks if required, according to CBRE.