EXTON, PA—SSH Real Estate has arranged the sale of 180 Gordon Drive, a 66,755 square foot flex building in Pickering Creek Business Park, for $7.4 million as part of a 1031 exchange. Dan Mayock and Adam Gillespie of SSH Real Estate represented the seller, 180 Gordon Associates. The buyer was not named.
The property was built in 1986 and was 100% leased to 10 tenants at the time of sale. The buyer was attracted by the building's proximity to the Downingtown Interchange of the PA Turnpike and the stability of the cash flow derived from a diverse mix of tenants.
In the past fourteen months in Chester County, SSH Real Estate has sold four investment properties, including 180 Gordon Drive, for a total of $44 million in transaction volume. The three other sales were 1060 Andrew Drive in West Chester, Two Country View Road, and 12 Atwater Drive, both in Malvern.
"We have been seeing investors drawn to Chester County for its stability," says Mayock. "You have very conservative owners in this market, so you seldom see distress due to overbuilding."
"Risk-adjusted yields are solid for medium-sized commercial deals in Chester County," says Gillespie. "We have found a nice balance exists here between buyers' and sellers' value expectations – so the market is demonstrating great liquidity."
In a sign of the robust Chester County real estate market, SSH just launched the marketing on the sale of 1025 Andrew Drive in West Chester. Mayock says the firm is likely to have seven other medium-sized office and flex buildings in the pipeline for 2016.
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