Eco­nomic in­di­ca­tors are look­ing up

A 2-build­ing prop­erty on South Bol­mar Street sold quickly, at mar­ket price

Daily Local News (West Chester, PA) - - FRONT PAGE - By Brian McCul­lough bm­c­cul­lough@21st-cen­tu­ry­media.com @wc­dai­ly­lo­cal on Twit­ter

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.

SUB­MIT­TED PHOTO

An aerial view of the prop­erty in the 900 block of South Bol­mar Street that re­cently sold for $8.7 mil­lion.

SUB­MIT­TED PHOTO

The build­ing in the Whiteland Busi­ness Park re­cently pur­chased by the West Chester Area School District.

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