In partnership with Kershner Office Furniture Inc., Havertown-based Divine HVAC buys the single-story Clark Avenue asset from local investor-developer CD Clark Associates for approximately $3.3 million. Divine and Kershner will relocate from their now-separate existing facilities.
Matt Devine of the local office of Grubb & Ellis represented the buyers in the transaction. Gene McHale, a principal; Taylor Young, VP; and associate Steve Compton of Conshohocken-based Beacon Commercial Real Estate represented CD Clark. According to McHale, Divine currently occupies 10,000 sf, and the new facility not only allows for expansion, but also helps it service clients better because of its close proximity to Rte. 202, I 76 and the Pennsylvania Turnpike.
Meanwhile, a partnership headed by Hercules Paper Supply pays P&Z Development $2.1 million for the Lacrue Avenue property in Concord Business Park. Steve Italiano, SVP in the area office of CB Richard Ellis, represented both the buyer and the seller. He says Hercules, which supplies packaging for the food industry, will relocate from Fernwood to occupy 80% of the building for warehouse and office space and rent the remaining 7,000 sf to small office and flex space tenants.
Italiano also tells GlobeSt.com that the 4.9-acre site will allow for an additional 17,000 sf. He says the current rental rate in the building is approximately $12 per sf for office, and about $6 per sf for warehouse space.
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