CBRE today announced that it has arranged for the sale of a 172,071 sq. ft. industrial facility located at 1515 Garnet Mine Road in Garnet Valley, Pennsylvania. BHN Associates, LLC acquired the asset for an undisclosed sale price.
Michael Hines, Brad Ruppel, Brian Fiumara and Lauren Dawicki of CBRE National Partners represented the seller, Evergreen Private Finance.Italiano Commercial Real Estate Service’s Steve Italianoassisted with the sale.
Located just 25 miles southwest of Center City Philadelphia and 14 milesnortheast ofWilmington, Delaware, the property benefits from its excellentlocation within oneof the most active distribution corridors in the easternUnited States.
“Investor demand for older, functioning industrial product along the I-95 corridor has never been stronger,” stated Michael Hines, Vice Chairman, CBRE. “1515 Garnet Mine Road is ideally located justthree miles from I-95 and 13 miles from Philadelphia International Airport. In addition, both leases are below market, making this acquisition a tremendous opportunity for BHN Associates.”
Built in 1974 and renovated in 2002, the 4.36-acre site was originally designed as a single-tenantmanufacturing facility that wassubsequently bifurcated to house multiple tenants. Today, 1515 Garnet Mine Road contains 48,000 sq. ft. of office space and 124,071 sq. ft. ofproductionand warehouse space with ceiling heights ranging from 16 to24 feet. Loading isfacilitated via 10existing raised loading docks and the site has the ability to add additional docks if required.
1515 Garnet Mine Road is currently 100 percent occupied by two industrial tenants; The Mine Studios, LLC, which leases 119,031 sq. ft.; and Club W, Inc., who occupies 53,040 sq. ft.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2018 revenue). The company has more than 90,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 480 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
