Newmark Knight Frank (NKF) announces the $47.525 million sale of 101 Gordon Drive in Exton, Pennsylvania. The Class A, infill industrial transaction comprises an existing 240,000-square-foot headquarters and manufacturing facility and a 183,217-square-foot distribution/warehouse facility.
Ken Hedrick and Jerry Hopkins of NKF’s Net Lease Capital Markets practice group, in cooperation with Jeff Mack and Ryan Guittare of the Philadelphia team, represented the joint venture of Goodman Properties and E. Kahn Development in the sale to New York-based Angelo Gordon.
Totaling 423,217 square feet on 36.6 acres, 101 Gordon Drive is 100 percent leased to United Safety and Survivability Company (USSC) serving as its headquarters and a mission critical distribution and manufacturing facility. Incoming investors sought the opportunity to own a vital cash flowing property occupied by a deeply rooted, global tenant.
USSC is a global leader in the commercial and military seating industry, designing and engineering world-class safety and survivability technology for extreme duty transportation markets. USSC boasts 60 percent market share in the US mass transit market. With four core proprietary brands including United States Seating, Valor – First Responder Seating, Fogmaker and Global Seating, USSC has a diversified client base including the U.S. Military, National Freight Industries, GILLIG and Proterra in markets across the United States.
According to NKF Research, the sale of 101 Gordon Drive is the largest stand-alone industrial investment sale in the Greater Philadelphia suburban marketplace to date for 2020. The sale of this Chester County industrial property is emblematic of the integral role of highly functional, infill warehouse/distribution buildings with proximity to the region’s logistics network.
The property benefits from a truly amenity-rich suburban environment and provides immediate access to I-76/PA Turnpike via exit 312, Route 100 and Route 113. This impressive highway infrastructure offers easy access to a large population, providing connectivity to one of the most densely populated regions in the country and making for an ideal logistical location to distribute along the Northeast Corridor.
About Newmark Knight Frank
Newmark Knight Frank (“NKF”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, NKF’s 18,000 professionals operate from approximately 480 offices on six continents. NKF’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.
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