NEWS PROVIDED BY Scheer Partners
Mar 15, 2022, 14:19 ET
Rendering of INQ 400 at 400 Devon Park Drive in Wayne, Pa.
WAYNE, Pa., March 15, 2022 /PRNewswire/ — INQ 400 at 400 Devon Park Drive in Wayne is under redevelopment and offers approximately 140,000 square feet of single-story GMP manufacturing and lab space. Zoned for all life science uses and in close proximity to Philadelphia’s life science cluster, the building is available for lease and can accommodate “speed to market” requirements. Mainstreet Capital Partners, in a joint venture with Contrarian Capital Management, acquired the property in June 2021, and work underway since, including interior demolition and exterior improvements, are designed to deliver a Class A Life Sciences property.
The property is poised to meet the needs of any life science company seeking suburban GMP manufacturing and lab space. Existing and planned building infrastructure is ideal for life science users and include:
– 20-24′ clear heights,
– Twelve DX rooftop HVAC units offering 190 tons of cooling capacity with additional rooftop load capacity,
– 34.5 KV primary electrical service with an Eaton Power Series three-phase, pad-mounted compartmental type transformer (45-10,000 KVA),
– A 1,200 Amp sub-station with expansion potential,
– A 6-inch waterline and 6-inch gravity drain,
– High-pressure natural gas service,
– A 15.2 L, 505 kW industrial diesel emergency generator,
– Existing mezzanine catwalks for equipment accessibility,
– Ample loading docks throughout, and
– Fire protection via a full-building sprinkler system.
Developer Mainstreet Capital Partners has significant experience managing life science conversion and redevelopment projects. The firm was attracted to the property’s impressive existing infrastructure, premier Tredyffrin Township, Chester County location – along the King of Prussia-Main Line corridor – with easy access to Philadelphia, and space readiness to meet “speed to market” demands. The project is represented by Scheer Partners, Inc.
About Mainstreet Capital Partners
Started in 1999 by Paul J. Kilgallon, Mainstreet Capital has a proven track record of value creation through the acquisition, development, and repositioning of office, industrial, life science, and multi-family properties. Acting on behalf of several institutional partners, Mainstreet actively manages its investments through its subsidiary, Mainstreet Real Estate Services, Inc. Through its extensive experience, market knowledge, and long-term relationships, along with hands-on management, Mainstreet has created successful repositioning and value enhancing results in over forty transactions, totaling more than $1 billion in investment. For more information visit: www.mainstreetcapital.com
About Contrarian Capital Management
Contrarian Capital Management is an institutional investment manager formed in 1995 with approximately $4.5 billion under management. The real estate strategy targets middle-market equity and debt opportunities across major property types nationwide. Contrarian’s ability to underwrite, diligence, and close transactions quickly, combined with a strong industry reputation for integrity, makes the firm a preferred counterparty for sellers and joint venture partners that require certainty of execution. For more information, visit: www.contrariancapital.com.
About Scheer Partners
Scheer Partners has provided commercial real estate services for almost 30 years and has built an unparalleled reputation in the biotechnology, pharmaceutical, and lab-related industries. Scheer Partners has negotiated over 500 lab transactions in excess of 12 million square feet. Full services include tenant and landlord representation, strategic planning consulting, facilities and construction management, investment sales, acquisitions, and development. Scheer is devoted to addressing their clients’ needs with their unmatched market knowledge and insight. For more information visit: www.scheerpartners.com
SOURCE Scheer Partners
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