Wednesday, June 2, 2021

Joint Venture Pays $19.5 Million for Wayne Industrial Building

 By Ann Warren Harless CoStar Research

A joint venture between Mainstreet Capital Partners and Contrarian Capital Management LLC has purchased an industrial facility in Wayne, Pennsylvania, for $19.5 million.

The building is located on a 10-acre parcel just off the Swedesford Road corridor at 400 Devon Park Drive and totals 132,733 square feet. The joint venture acquired the building from Vimco Inc.

The joint venture plans to convert the building into a life science facility, which it has had success with in other markets such as North Carolina's Research Triangle region.

"This is our first acquisition into the Philadelphia market," Peter Tonon, partner at Mainstreet, said in a statement. "We think very highly of the area and hope to continue to do more transactions in the future."

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