Tuesday, July 20, 2010

Chester County seeks to sell 3 historic buildings

"Chester County is looking to unload three historic properties totaling 153,000 square feet right in the heart of West Chester. The properties, 2 N. High St., 32 and 34 W. Gay St. and 17 N. Church St., sit in the heart of the county seat, which is regularly teeming with pedestrian activity. The county had been using the properties to house administrative and other government functions but is relocating those employees and offices to a six-story, 123,000-square-foot office structure at 313 W. Market St. in West Chester that was constructed by Eli Kahn and some partners. The county picked Kahn’s Market Street property and signed a 20-year lease for a bevy of county-related offices.

In light of that, the county no longer needs the three properties, which sit on what is referred to as the “First Block” in West Chester and is the prime block in the borough. The county’s historic courthouse that dates back to 1848 is also on the First Block, which is bounded by Market, Church, Gay and High streets.

The biggest building is 2 N. High, which is five stories and totals about 80,000 square feet. The buildings will be sold as a portfolio and not separately, said Jim Dugan, a broker with Grubb & Ellis who is marketing the properties with colleagues Charles Davidson and Elaine Battaglia.

“This is an unbelievable opportunity for someone,” Dugan said.

The buildings are a great rehab play for someone and an opportunity to create some new space for some retailers who haven’t been able to get a spot downtown, Dugan said, noting that a buyer could consider residential or even institutional but the properties most likely work for office or retail plays.

Offers are accepted until the end of September."

No comments:

Post a Comment

Note: Only a member of this blog may post a comment.