Built in 1974 and renovated in 2002, the property was originally designed as a division of Dupont that was subsequently bifurcated to house multiple tenants. The property contains 48,000 square feet of office space, 128,800 square feet of production/warehouse space, plus 350 parking spots.
The Property is located in Suburban Philadelphia, in the Delaware County submarket, a highly desirable industrial market. Furthermore, the Property benefits from convenient regional access due to its immediate proximity to I-95, Route 202, Route 1 Delaware and New Jersey.
The Evergreen team acquired the property in November 2017 when the property was 30% occupied. Within twelve months of acquisition, the project was improved, re-tenanted, and stabilized. The majority of the facility is now used as a world class film production site.
The property was sold in Q1 2020, resulting in returns that substantially outperformed the team’s initial underwriting.