Binswanger brokers the $19,500,000 sale of 400 Devon Park Drive in Wayne, PA
Transaction underscores the premium being paid for industrial properties in the region
during the COVID era
Philadelphia, PA – May 19, 2021 – Binswanger Commercial Real Estate Services, an innovator in commercial real estate since 1931, today announced that it has brokered the sale of 400 Devon Park Drive, Wayne, PA. The 132,733 SF property, which sits on 10.08 acres, was purchased by Mainstreet Capital Partners. The transaction was brokered by Binswanger’s Mid-Atlantic team who exclusively represented the seller, Vimco Industries. The Binswanger team was led by Tim Pennington, Senior Vice President and Partner at Binswanger.
“The King of Prussia industrial market continues to prove that it is the epicenter of Philadelphia Suburban industrial real estate market due to the proximity to all of the main local and regional arteries, and scarcity of quality available product resulted in an unprecedented purchase price that’s a trend that is sure to endure,” stated Binswanger broker, Tim Pennington.
The property was built in 1980 as a traditional manufacturing facility. Over the years, there were several infrastructure additions made to the property, which was meticulously maintained. Building loading is provided via interior loading wells totaling 12 dock positions and one dock high door that is ramped. The property features 227 parking spaces including nine handicapped spaces. The property is located within the Limited Industrial District in Tredyffrin Township, Chester County.
The property sits just 2.3 miles from the King of Prussia Mall where there is immediate or nearby access to a variety of major roadways. The property is located less than one half mile from Route 202 in Chester County and approximately three miles from I-76, Route 422, I-276 (also known as the Pennsylvania Turnpike) and approximately twenty-one miles from center city Philadelphia, PA.
Binswanger, a global leader in full-service commercial real estate, has been helping its clients realize their full real estate potential since 1931. Founded by real estate innovator and pioneer, Frank Binswanger Sr., the company operates with the understanding that real estate has the ability to strengthen businesses and transform communities. The company offers a variety of services benefitting both owners and occupiers including global real estate brokerage, location consulting, investment sales, tenant representation, corporate advisory, strategic consulting, and a variety of management services. Having worked with more than half of the Fortune 500, the employee-owned company has long been known as the industry leader in the acquisition and disposition of industrial and commercial facilities around the globe. For more information, please visit www.binswanger.com.