The Newmark Grubb Knight Frank (NGKF) brokerage team of Neil Shupak and Justin Bell recently sold two industrial properties in the Greater Philadelphia Region: 3015 Darnell Road in Philadelphia and 200 Park Avenue in Warminster, Pennsylvania.
3015 Darnell Road, a one-story 21,500-square-foot industrial building situated on 1.8 acres of land, sold to Wolf Pack, LP for $1,025,000 or $47.67 per square foot. The property’s unique size, off-street parking and proximity to major highways quickly appealed to several potential buyers, ultimately resulting in the best price for the seller. The sale closed just 98 days after the listing agreement was signed. Neil Shupak and Justin Bell represented the sellers, Jerry and Brenda Frebowitz in this transaction.
200 Park Avenue, a 150,000-square-foot industrial building situated on 5.8 acres was sold to D&B Pharma Real Estate Partners for $3,851,100 or $25.67 per square foot. The building boasts 26-foot ceiling height, off-street parking and loading capabilities which attracted interest from both users and investors who understood the potential that this property offers. 200 Park Avenue provided the buyer with a truly unique manufacturing and distribution facility that cannot be affordably found anywhere else in the greater Philadelphia area. NGKF represented the seller in the sale as well as negotiated a 35,000-square-foot lease for them at their new location in Montgomeryville, Pennsylvania. D&B Pharma Real Estate Partners were represented by Kurt Eisenschmid of Penn’s Grant Realty.
NGKF’s marketing efforts and local market expertise generated significant activity with multiple bidders competing for each property. 3015 Darnell Road sold for 93 percent of the asking price and 200 Park Avenue sold for over 100 percent of the asking price. Both properties closed less than 120 days from the date of the executed listing agreement. NGKF’s knowledge of the market and potential competition maximized the return on investment for its clients.
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 http://www.bgcpartners.com/.