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[IMGCAP(1)]AVONDALE, PA-An undisclosed company signed a 10-year lease worth more than $10 million for the entire 106,846-sf building at 380 Starr Rd. CB Richard Ellis represented both the owner, an entity called 380 Starr Road LP and the unnamed tenant. As GlobeSt.com previously reported, Starr Capital Investments LLC bought the industrial/office flex building in Feb. 2008 for $3.8 million from 41 Properties LLC.

The building was a perfect fit for the tenant that was in the market, CBRE SVP Steve Italiano tells GlobeSt.com “There are no other buildings like it of this size and with these amenities in Southern Chester County.”

[IMGCAP(2)]The two-story class B building has something unique to the area which greatly increased its net price–air conditioning. When sold, the building commanded $8.50 per sf which was considerably higher than offices in surrounding areas.

CBRE EVP Dan Reeder and Sean Bleiler represented the undisclosed tenant in the property leasing. The new lease transaction took place less than 30 days after 380 Starr Rd.’s initial settlement. Italiano and CBRE vice president Bert DiClemente handled the sales transaction back in February.

“Although we are experiencing a credit crunch in the commercial market, we still analyzed this property and area as a great long-term investment opportunity,” Nicholas DeSanctis, partner of 380 Starr Road LP, says in a prepared statement. “We wanted to take full advantage of Gov. Ed Rendell’s GAT programs to attract solid companies to Pennsylvania and create new jobs for our state, which we are truly proud of.”

DeSanctis continues that “CBRE helped us not only find a great property in a fast developing area, but also understood our vision for the property which helped them facilitate and focus on finding us a great tenant immediately after we closed.”

Another reason this building went so quickly was because it is so close to Delaware and Maryland, which allowed CBRE to recruit tenants from “multiple locations in nearby states,” Italiano says. The old Hewlitt Packard facility will house the company’s production and R&D operations. There is both office and 18-foot high flex space on each level with heavy power, dock loading and parking for 361 cars. The building is located on 11.7 acres near the Route 41 corridor, close to Route 1.

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