Exton Flex Sells for $7.4M in 1031 Exchange

by Steve Lubetkin, Globest.com
180 Gordon Drive, a 66,755 square foot flex building in Pickering Creek Business Park sold for $7.4 million as part of a 1031 exchange. The buyer was not named.

The property was built in 1986 and was 100% leased to 10 tenants at the time of sale.  The buyer was attracted by the building’s proximity to the Downingtown Interchange of the PA Turnpike and the stability of the cash flow derived from a diverse mix of tenants.

“We have been seeing investors drawn to Chester County for its stability.You have very conservative owners in this market, so you seldom see distress due to overbuilding.”

“Risk-adjusted yields are solid for medium-sized commercial deals in Chester County. We have found a nice balance exists here between buyers’ and sellers’ value expectations – so the market is demonstrating great liquidity.”

In a sign of the robust Chester County real estate market, SSH just launched the marketing on the sale of 1025 Andrew Drive in West Chester.
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