Sale of Exton Property the Largest Standalone Industrial Investment in Philly Suburbs This Year

101 Gordon Drive in Exton.

Angelo Gordon & Co. paid $47.53 million for a 423,217-square-foot Exton building that will be USSC Group’s headquarters and manufacturing operations center, writes Natalie Kostelni for the Philadelphia Business Journal.

The New York City-based real estate investment firm purchased the property at 101 Gordon Drive from a partnership involving Goodman Properties and E. Kahn Development.

According to Newmark Knight Frank research, the transaction is the largest standalone industrial investment sale in the Philadelphia suburbs so far in 2020.

The property originally became available for sale in November. By March, when the coronavirus started to spread across the country, the building was nearing the point of final and best offers.

“During COVID, the most difficult thing to closing a deal is negotiating the right transaction,” said Jeff Mack, a broker with Newmark Knight Frank who was part of a team that arranged the sale, “and getting due diligence done and the third parties out during COVID was a real feat.”

USSC signed a 15-year lease in 2018 on the then-240,000-square-foot building that has been redeveloped and expanded by an additional 183,217 square feet for the company by Kahn and Goodman.

Read more about the sale in the Philadelphia Business Journal here.

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