Dealmaker: Newmark Knight Frank Closes $62M in Property Sales
Newmark Knight Frank, New York, closed $61.5 million in industrial and retail property sales.
In Exton, Pa., NKF sold 101 Gordon Drive for $47.5 million. The Class A infill industrial property has a 240,000-square-foot headquarters and manufacturing facility and a 183,200-square-foot distribution/warehouse facility.
Ken Hedrick and Jerry Hopkins of NKF’s Net Lease Capital Markets practice group and Jeff Mack and Ryan Guittare of the firms’ Philadelphia office represented the Goodman Properties/E. Kahn Development joint venture that sold the asset to New York-based Angelo Gordon.
Totaling 423,200 square feet on 36.6 acres, 101 Gordon Drive is fully leased to United Safety and Survivability Co., serving as its headquarters and a distribution and manufacturing facility. NKF said the incoming investors sought to own a cash-flowing property occupied by a deeply rooted global tenant.
NKF Research said the 101 Gordon Drive transaction represented the largest standalone industrial sale in the Greater Philadelphia suburban market so far in 2020.
The property has immediate access to Pennsylvania State Routes 100 and 113 and the Pennsylvania Turnpike, providing connectivity to one of the most densely populated regions in the country.
NKF also sold Commerce Square, a four-building business park in Riverside, Calif., for $14 million. Office buildings 1550 Marlborough Avenue and 1737, 1777 & 1989 Atlanta Avenue comprise the 128,900-square-foot property.
NKF’s Co-Head of U.S. Capital Markets Kevin Shannon, Executive Managing Directors Ken White and Sean Fulp, Senior Managing Director Scott Schumacher and Managing Director Ryan Plummer represented seller Colony Capital, Los Angeles.
“Since 2012, the Inland Empire has been considered one of the most robust markets in the country as a result of its growing population, job creation and new construction,” Shannon said. “The region’s population growth has been fueled by affordable housing options, drawing many from the Los Angeles and Orange County areas.”