(To read more on the industrial market, click here.)

COATESVILLE, PA-The West Chester-based Keystone Helicopter Corp. has broken ground for a 75,000-sf building to join its just-renovated 55,000-sf facility in the planned 173,000-sf, airport-based technical center here that will serve as its new headquarters. Long-range plans call for expansion to 315,000 sf.

Charlotte, NC-based Mallard Creek Investors acquired the 28-acre parcel from Aim Development Corp. in two phases and rents the land and the 55,000-sf existing building to Keystone for an undisclosed rental rate. It paid $2.5 million for the original 14.4 acres and structure and $1.1 million for the additional 13.4 acres.

The price of the second parcel included 26 equivalent dwelling units, EDUs, to cover Keystone’s expanded use of the municipal sewer system. As a result, “the existing building was disconnected from an old septic tank and connected to the public sewer system last week,” Leigh Matthews, business manager of helicopter services, tells GlobeSt.com.

Keystone invested $2 million to completely gut and renovate the existing building, according to Matthews, and some personnel are currently moving into that facility. Keystone is also footing the $7-million construction cost for the second building, which is expected to reach completion in spring 2006. “At that time all West Chester personnel will move to the new headquarters,” she says. Plans and timeline for additional expansion are not final.

The state provided incentives of just over $1.3 million for the project. “We elected to cherry pick from the state money,” Matthews says, “and selected a $500,000-opportunity grant, $600,000 in job-creation tax credits and $206,000 in grants for customized job training.”

Keystone’s parent company is Keystone Ranger Holdings. Three quarters of this subsidiary’s revenue comes from repair, engineering and technical services to such helicopter makers as Bell Helicopter, Sikorsky Aircraft, Eurocopter, Honeywell and Rolls Royce engines. Its flight division has 150 pilots and mechanics. Annual sales have tripled in the past five years to $125 million, according to David Ford, president.

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?


© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.


GlobeSt Net Lease Spring 2024Event

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

Get More Information


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 © 2023 ALM Global, LLC. All Rights Reserved.