Joint venture paid $19.5 million for vacant industrial building in Wayne PA
A joint venture between Main Street Capital Partners of Fort Lauderdale, Florida, and Contrarian Capital Management paid $19.5 million for 400 Devon Park Drive, a vacant 132,733-square-foot industrial building on 10 acres in Wayne. Vimco Industries was the seller. Vanguard Group had leased the building, known as the Maggitti building, for 20 years until its lease expired at the end of 2020. The building was developed in 1980 as a manufacturing facility. Tim Pennington of Binswanger Commercial Real Estate Services represented the seller. Frank Cullen and Lou Tonon of NAI Geis Realty Group Inc. arranged the sale on behalf of the buyers.