MALVERN, PA-A private real estate investment partnership pays $3.3 million for a 78,000-sf industrial property here. Avellino Investment Properties buys a 9,144-sf office building in nearby Exton for nearly $1.5 million.
The one-story industrial property on seven acres at 271 Lancaster Ave. here commands $42.31 per sf. The new owner plans capital improvements and will subsequently either lease it or divide it into flex condominium units for sale to industrial flex, retail or office space users, according to Steve Italiano, SVP in the Wayne office of CB Richard Ellis. Italiano represented the buyer. Source Realty represented the seller, Pennflex.
Avellino paid $158.57 per sf for the two-story class A office property at 356 N. Pottstown Pike in Exton. The Benson Cos. originally built the building as corporate headquarters for B&B Homes. John Lieberman, a principal, and Michael Antonelli, a senior associate with Wayne-based Lieberman Early & Co., represented B&B. Prudential Fox Roach represented Avellino.
The building contains suites, each with a kitchenette and private bath. Lieberman says Avellino bought the building as an investment and will occupy one of the suites.
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