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KING OF PRUSSIA, PA-Chicago-based Heitman Capital Management sells Drew Court Industrial Center, a two-building, 147,986-sf complex at 420 and 440-80 Drew Court to an unidentified, private, LLC that acquired the property for investment purposes. It is fully leased, and the sale will not affect the leases.

The sale price is undisclosed. It was initially offered at an asking price of just below $8.3 million, or about $55.75 per sf, which is significantly higher than the average selling price of about $42 per sf for industrial space throughout suburban Philadelphia.

The smaller, 60,430-sf building, 420 Drew Court, has eight tailgate truck loading doors and one drive-in door. The 87,556-sf building, 440-80 Drew Court, has 16 tailgate docks and three drive-in doors. Both have 22-foot clear ceiling heights, wet sprinklers and custom office areas for individual tenants.

Among the current tenants are Auto Craft Acquisition, Sweeney Seed Co., Shingle Belting and Pinnacle Textile Industries.

Douglas G. Joseph, Brian J. Campbell and Leonard G. Redeyoff, all first VPs in the Wayne, PA office of CB Richard Ellis, were the sole agents in brokering the sale agreement.

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