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ROYERSFORD, PA-RedGo Development has purchased 508 N. Lewis Rd. here from Limerick, PA-based Jadko Realty Corp. Gregg D’Ascanio, a vice president with Fidelity Commercial, represented RedGo in the transaction and Paul French, a broker with Binswanger, represented Jadko. RedGo, based in West Chester, PA, would not reveal the exact purchase price, only saying that it was “several million dollars.”

The property consists of a 70,000-sf manufacturing building and 3,000-sf of office space on 16 acres adjacent to the Route 422 corridor. The property boasts ceiling heights that range from 14 feet to 16 feet, with lower ceilings ranging from 10.5 feet to 16 feet in the fabrication department. There is also a shipping area, six dock-height doors and three drive-in doors. Linfield Office Campus, where RedGo is leasing a new 36,000-sf class A multi-tenant office building, is located nearby. A spokesperson for RedGo tells GlobeSt.com that the property’s proximity to 422 and its development potential were two reasons why the company decided to go ahead with the purchase.

RedGo plans to begin renovating the property immediately, beginning with an exterior renovation of the manufacturing building’s façade. In addition, a new landscape design is being implemented. Tenants for the property are currently being sought, with the property commanding rents that are, according to RedGo, competitive with other properties in the marketplace. Other industrial properties in the area are listed at $7 to $9 per sf.

This is not RedGo’s first outing in the area: Two years ago, the company purchased a 24-acre parcel with two buildings in Frazer, PA for upward of $4 million. After an extensive renovation, one of the buildings on the property was fully leased to Clyde Bergemann Delta/Ducon.

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