X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. NET LEASE Spring 2021Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt. NET LEASE Awards 2021Event

These awards honor the industry's most influential and knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.