WEST CHESTER, PA-In preparation for its move to a new 28-acre "heliplex" in Coatesville, Keystone Helicopter has placed its current 12-acre site for sale or lease. The land at 1420 Phoenixville Pike contains two buildings aggregating 68,000 sf and room for expansion.
The asking price for a full-package sale is $5.8 million, according to Neil DeRiemer of King of Prussia-based Jackson Cross Partners, sales and marketing agent for the property. However, he tells GlobeSt.com, "we think the whole may be worth less than its parts." Consequently, DeRiemer and Mary Francis McGarrity of Jackson Cross are also marketing the buildings for condo-ownership at approximately $75 per sf.
"The 31,043-sf flex building is naturally divisible into units of about 14,000, 6,000 and 10,000 sf," DeRiemer says, "and the 36,830-sf building that is currently Keystone's headquarters is also divisible." Rental is another alternative. Rates vary within the available office and assembly space, but the average asking rate, he says, is about $7.50 per sf, triple-net.
Hartford, CT-based Sikorsky acquired Keystone, a helicopter repair and engineering firm, in December 2005 and renamed it Keystone Helicopter Holdings Inc. It continues to operate under the Keystone Helicopter Corp. brand name. For previous coverage of the Coatesville Heliplex, click here.
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