12:15 PM
Newmark Grubb Knight Frank (NGKF) is pleased to announce the sale of 92 Lancaster Avenue in Devon, Pennsylvania. Brokers Neil Shupak, Justin Bell and Mike Maloney represented the seller, Devon Land Holdings, LLC, in the transaction. The prominent Main Line office building was sold to Provco Devon II, LLC for $4.1 million.
92 Lancaster Avenue is a 25,000-square-foot building situated on a 1.44 acre corner lot. The property is located directly in front of the Devon Horse Show grounds, one block from the Devon Train Station and the proposed mixed-use Devon Yard development. At the time of the sale, the property was 62 percent leased to Raymond James & Associates and Long & Foster Real Estate, whose leases were negotiated as part of the sale/leaseback. The building is zoned commercial, which permits a wide variety of uses such as retail, office and medical.
Rob Shirley of Della Porta Real Estate represented the buyer.
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NGKF’s 12,800 professionals operate from more than 370 offices in established and emerging property markets on six continents.
With roots dating back to 1929, NGKF’s strong foundation makes it one of the most trusted names in commercial real estate. NGKF’s full-service platform comprises BGC’s real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; capital markets services, including investment sales, debt placement, appraisal, and valuation services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visit www.ngkf.com.
NGKF is a part of BGC Partners, Inc., a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol (NASDAQ: BGCP). BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol (NYSE: BGCA). BGC Partners is led by Chairman and Chief Executive Officer Howard W. Lutnick. For more information, please visit www.bgcpartners.com.