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WAYNE, PA-Johnson Matthey paid $10 million, or just shy of $77 per sf, for the 130,000-sf office/warehouse building at 456 Devon Park Dr. that it has leased since 1998. The seller is a joint venture between Wells Real Estate Funds XI and XXI and a subsidiary of Atlanta-based Wells REIT.

Parker Hudson, managing director of dispositions for the Wells’ funds, says that, strategically, the tenant-turned-buyer decided to consolidate its Philadelphia-area offices, “and we are glad they chose this location.” Johnson Matthey currently occupies space in nearby Malvern and West Chester. The local office of GVA Smith Mack represented the firm.

London-based Johnson Matthey was founded in 1817. It is a specialty chemicals manufacturer of autocatalysts and pollution control systems, catalysts and components for fuel cells, pharmaceutical compounds and other related products. It has operations in 34 countries worldwide. Wells’ sponsored investment programs own more than $6 billion in assets totaling more than 30 million sf.

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