CBRE Arranges $9.5 Million Sale of Fully Leased Complex in Prime Science & Technology Corridor at 500 Science Park Road in State College, PA

CBRE today announced the sale of 500 Science Park Road, a 105,046 sq.-ft. 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 massive 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.

“This property was not your typical net-leased investment but provided a unique opportunity to acquire a highly coveted, NNN-leased property in the heart of State College, aka ‘Happy Valley,’ home to Penn State University’s main campus,” said Gorman. “The facility boasts excellent tenancy with Chemcut and DaVita both having long-term leases in place, coupled with a national marketing campaign we were able to attract multiple offers that achieved 95 percent of list price.”

Chemcut occupies 97,177 sq. ft. of the space and has been successfully operating in this location as its corporate headquarters for nearly 70 years. DaVita (NYSE:DVA), a publicly traded company with more than 3,000 locations globally, 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 Road is ideally situated with excellent frontage, visibility and signage on Science Park Road, 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 Route 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.