Economic indicators are looking up
A 2-building property on South Bolmar Street sold quickly, at market price
Commercial realtor Swope Lees announces it has sold two West Chester area buildings for $8 million.
A West Chester area commercial real estate broker is touting the recent sale of two buildings as a sign that the market is on the upswing.
The two buildings, totaling roughly 85,000 square feet, sold for $8.7 million in just four months, a sign that economic indicators are favorable, according to Chuck Swope, broker of record and chairman of Swope Lees Commercial Real Estate LLC.
“I think this is a signal of significant optimism in this market,” Swope said in a statement. “The property sold at fair market value, and this demonstrates some positive trends. This was an approximately four-month, start-to-finish deal, further proof real estate investors are always looking for quality investments.”
James “Jimmy” Lees of Swope Lees handled the deal for 901 S. Bolmar St. in West Chester, a light industrial and flex property with two buildings that is 91 percent leased, the real estate company said. Tenants include Pine Street Carpenters and Pincus Elevator Co., and there is only one vacancy, Swope said in a recent interview.
“This is just kind of bread-and-butter flex space and warehouse space that’s really moving right now,” Swope noted. “This prop--
erty was not on the market very long.”
Lees said the property is considered attractive due to its proximity to Route 202 and other major thoroughfares, employers such as West Chester University and Chester County government, plus other large companies that provide spin-off employment.
Lees facilitated the sale between South Bolmar Street Associates LP and a private investor. SSH represented the seller and the project was financed by DNB First.
In a separate transaction recently announced, Lieberman Earley & Co. negotiated the sale of a 42,000-square-foot office building in The Whiteland Business Park to the West Chester Area School District for $3.5 million.
Lieberman Earley, along with Interland Real Estate Co., represented the seller of 782 Springdale Drive in Exton, Seven Whiteland Plaza Associates.
The school district was represented by Newmark Grubb Knight Frank.
According to Philip Earley, a principal in Lieberman Earley & Co., the school district will move its administrative offices to the building sometime in early 2017.
The building located off Business Route 30 is close to the Route 30 By-Pass, routes 202 and Route 100. Neighbors within the park include West Chester University School of Nursing and Delaware County Community College.
The district is moving out of its current building, known as the Spellman Administration Building, a 92-year-old structure in need of major repair and maintenance, which is what led to the district to search elsewhere for a home.
An aerial view of the property in the 900 block of South Bolmar Street that recently sold for $8.7 million.
The building in the Whiteland Business Park recently purchased by the West Chester Area School District.