06/21/06

Pennsy Corp. Buys New HQ in West Chester
Four-Bldg. Village at Franklin Corners Project Sells Out; Pennsy to Relocate from Willowbrook Lane

Franklin Corners Associates LLC sold the Railroad Building, the last of its four buildings at The Village at Franklin Corners, to a private investor affiliated with the Pennsy Corp. for $1.4 million, or approximately $117 per square foot.

The 12,000-square-foot building is at 515 S. Franklin St. in West Chester, PA and will be occupied by Pennsy Corp., which will vacate its current headquarters at 404 Willowbrook Lane and immediately move into 3,000 square feet. The building's remaining 9,000 square feet will remain in shell condition and serve as expansion space for company.

David McFadden and Adam Shute of NAI Geis Realty Group Inc. represented the seller. Glenn Perry of Glenn Associates represented Pennsy Corp.

The building is part of a historic industrial farming site originally built around the turn of the 20th century. Franklin Corner Associates renovated and converted the buildings in the spring of 2005 to high-end offices with contemporary design features such as efficient floor plans, improved connectivity, pitched roofs and exposed steel and wood beams. The property is one mile from Routes 202 and 322 and one-quarter mile from High St., West Chester’s main thoroughfare.

The Village at Franklin Corners, which sold for a combined $4.5 million, totals approximately 30,000 square feet. The 9,855-square-foot Mill Building at 301 Lacey St. sold to Pinnacle Reach LLC for $1.7 million and is partially occupied by BYL Inc. The 3,500-square-foot Executive Building at 237 Lacey St. sold to Hidden Farm Associates LLC for $680,000 and is occupied by Brandon Associates Inc. The 4,200-square-foot Milk House Building at 501 S. Franklin St. sold to Midas Realty Investment LLP for $799,176.