CBRE announced it has arranged for the sale of 3 & 4 Creek Parkway located within Naaman’s Creek Center in Boothwyn, Delaware County, Pennsylvania. The sale consisted of a two-story office building and a single-story industrial facility, totaling 50,028 square-feet situated on 8.67 acres, as well as an adjacent 3.22-acre parcel available for additional development. The buyer, an affiliate of SSH Real Estate, acquired the properties for a sale price of $8.9 million. The buyer purchased five buildings in the Naaman’s Creek Center in August 2017 and with this purchase now owns and operates seven buildings totaling approximately 240,000 square-feet.
Steve Marzullo and Adam Silverman of CBRE’s Investment Properties Philadelphia Commercial Team arranged the sale on behalf of the seller, affiliates of RedGo Development, based in West Chester, Pennsylvania.
“Both properties are currently 100 percent occupied and self-managed by Pentec Health, Inc., named a Best Places to Work in PA and one of The Philadelphia 100®, a list of the region’s top 100 fastest-growing, privately-held companies, and earned a position on the Inc. 5000 list of fastest growing private companies in America,” said Fred Goebert, President of RedGo Development.“For over 34 years, Pentec Health has been providing patient-specific compounded sterile medications for administration in dialysis centers and physician prescribed, custom prepared, medications to patients with implanted intrathecal pumps.”
“The investment offered stable cash flow from a tenant who has been in occupancy for more than 12 years and recently extended its lease long term, as well as additional development potential,” added Mr. Marzullo, Senior Vice President, CBRE. “We broadly marketed the property and generated significant interest both locally as well as from investors outside the region.”
The two-story, 3 Creek building was built in 2008 and contains 17,668 square-feet of office space, while the single-story, 4 Creek building, was built in 2006 and contains 32,360 square-feet of office, pharmacy, lab and warehouse space.
Since January 1 of this year, Marzullo and Silverman have completed eight transactions totaling 525,000 square-feet in 30 buildings and over $80 million in value.
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 2017 revenue). The company has more than 80,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 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.
