State College, PA — CBRE announced the sale of 500 Science Park Rd., a 105,046 s/f facility fully occupied by two industrial and medical tenants, Chemcut, a manufacturer of precision equipment for circuit board production and DaVita Kidney Care. Galen Limited Partnership acquired the property, which sits on a 14.21-acre parcel, from SDR Holdings, LLC for $9.5 million.
The CBRE team of Matthew Gorman, Michael Shover, Thomas Finnegan, Robert Thompson and Nicholas Holtz spearheaded the marketing campaign and represented the seller in the negotiations. CBRE’s Jeremy Schyk acted on behalf of the buyer.
Chemcut occupies 97,177 s/f of the space and has been successfully operating in this location as its corporate headquarters for nearly 70 years. DaVita, is also fully committed to the property, having completed a total gut-renovation of its space in 2015, bringing it up to specialized medical standards and requirements by investing over $1 million into the property.
The complex at 500 Science Park Rd. is ideally situated with excellent frontage, visibility and signage on Science Park Rd., which is home to numerous medical, science and technology and corporate tenants including Raytheon, Minitab, Teledyne SSI, BK Medical, AccuWeather, Windstream, Penn State Applied Research Labs, Avail Technologies, Baker Tilly, Keystone Commercial Real Estate and S&A Homes headquarters.
The property is also in close proximity to both main regional thoroughfares, I-99 and Bus Rte. 322/North Atherton Street, the primary thoroughfare through the borough of State College and just two miles from a major retail corridor with notable national tenants including Walmart, Target, Wegman’s, ALDI, Giant, Weis, Trader Joe’s, Best Buy, Dick’s Sporting Goods, CVS, Five Below, Dollar Tree and Home Depot.
In other PA news, CBRE’s Multifamily Debt & Structured Finance team has arranged $47.5 million in bridge financing for the refinance of Mi-Place @ Downingtown in Downingtown, PA. Matthew Klauer and Cassandra Russell of CBRE arranged the financing on behalf of the sponsor, Fernmoor.
This is the second transaction that Klauer and Russell have secured for Fernmoor Homes. The three-year bridge loan, provided by an entity managed by Argentic Investment Management LLC (Argentic), will be used to refinance Fernmoor’s latest multifamily development comprised of 205 units across six, three-story buildings and 69 townhomes. The property serves as Phase I of Mi-Place @ Downingtown, which, upon completion, will feature a 400-unit multifamily community, a clubhouse, pool, fitness center, pickleball court, basketball court, fire pits, BBQs, and other amenities.
“Mi-Place @ Downingtown delivers high-quality, thoughtfully designed multifamily units into a growing suburb with convenient connectivity to Philadelphia,” said Russell of CBRE. “Matthew and I are thrilled to continue supporting Fernmoor’s growth and look forward to additional successful collaborations in the future,” she added.
Loren Berger of Argentic stated, “We are excited to work again with CBRE and expand our relationship with Fernmoor. The company’s Mi-Place product brings the highest quality to each community it enters.”
Fernmoor’s president, Jeffrey Fernbach shared his enthusiasm for this financing opportunity saying, “I thank both CBRE and Argentic for their efforts to close this deal quickly and efficiently.”