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EAST NORRITON, PA-Two unrelated transactions offer a snapshot of selling prices for leased flex facilities and developable land in the outer reaches of suburban Philadelphia. A flex building at 1055 Germantown Pike here sold for approximately $57.49 per sf, and an 11-acre parcel in Tri-State Business Center in Trainer traded at $40,909 per acre.

A private investor, Donald Kimmel, sold the 32,180-sf building on Germantown Pike to John Alfonse Jr. for almost $1.9 million. The flex structure is 100% leased. Michael Mele, a senior associate in the Philadelphia office of Marcus & Millichap, exclusively listed the property, and he and Adam Stein in the same office obtained the buyer. More than half of the building’s current tenants have occupied space there for more than eight years, and many have been in place for more than 20 years, according to Mele.

In an unrelated transaction, Castelroyan Co. pays Blackcomb Associates LP, a private real estate investment partnership, $450,000 for an 11-acre parcel in the Trainer Tri-State Business Center. The buyer plans to develop a 30,000-sf spec building for lease. Steve Italiano, SVP and a member of the industrial services group in the Wayne office of CB Richard Ellis, negotiated the sale. He says Castelroyan will lease the building to a single occupant, or divide it for multi-tenant occupancy.

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