Press Release

CBRE Announces Sale of Industrial Facility in Delaware County, PA

13 2月 2020

1515GarnetMineRd

CBRE today announced that it has arranged for the sale of a 172,071 sq. ft. industrial facility located at 1515 Garnet Mine Road in Garnet Valley, Pennsylvania. BHN Associates, LLC acquired the asset for an undisclosed sale price. 

Michael Hines, Brad Ruppel, Brian Fiumara and Lauren Dawicki of CBRE National Partners represented the seller, Evergreen Private Finance. Italiano Commercial Real Estate Service’s Steve Italiano assisted with the sale.

Located just 25 miles southwest of Center City Philadelphia and 14 miles northeast of Wilmington, Delaware, the property benefits from its excellent location within one of the most active distribution corridors in the eastern United States. 

“Investor demand for older, functioning industrial product along the I-95 corridor has never been stronger,” stated Michael Hines, Vice Chairman, CBRE. “1515 Garnet Mine Road is ideally located just three miles from I-95 and 13 miles from Philadelphia International Airport. In addition, both leases are below market, making this acquisition a tremendous opportunity for BHN Associates.” 

Built in 1974 and renovated in 2002, the 4.36-acre site was originally designed as a single-tenant manufacturing facility that was subsequently bifurcated to house multiple tenants. Today, 1515 Garnet Mine Road contains 48,000 sq. ft. of office space and 124,071 sq. ft. of production and warehouse space with ceiling heights ranging from 16 to 24 feet. Loading is facilitated via 10 existing raised loading docks and the site has the ability to add additional docks if required. 

1515 Garnet Mine Road is currently 100 percent occupied by two industrial tenants; The Mine Studios, LLC, which leases 119,031 sq. ft.; and Club W, Inc., who occupies 53,040 sq. ft. 

About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.