Starr Capital Acquires Old HP Building

[IMGCAP(1)]AVONDALE, PA-Starr Capital Investments LLC has bought a 106,846-sf industrial/office flex building, which has the unusual feature for this type of facility of being air conditioned, from 41 Properties LLC. Starr Capital paid almost $3.8 million for the building, which is a former Hewlett Packard facility situated on 11.7 acres along the Route 41 corridor, close to Route 1.

CB Richard Ellis’ SVP Steve Italiano and VP Bert DiClemente handled the transaction. CBRE is now looking to lease the building to flex and office tenants around the region. The two-story facility is located only a few miles from Delaware, which gives CBRE a bigger area in which to market the space.

[IMGCAP(2)]DiClemente tells GlobeSt.com that Starr Capital purchased the building, located at 380 Starr Rd., vacant. The asking rate–a bit higher because of the air conditioning–is $8.50 per sf, triple net. “It could suit very well a single corporate user,” he says. “Conceivably someone could subdivide the building, but because it two-stories it is most ideal for a single user.

An expandable flex building, 380 Starr Rd. contains office, R&D and industrial space. There is both office and 18-foot high flex space on each level with heavy power, dock loading and parking for 361 cars. The property offers flexible zoning and is divisible to 20,000 sf.