Sale of life science building in suburban Philadelphia closes
JLL Capital Markets facilitated the sale of 466 Devon Park Dr., a fully leased lab facility in Wayne, PA
PHILADELPHIA – August 2, 2022 – JLL Capital Markets announced today that it has closed the sale of 466 Devon Park Dr., a 155,200-square-foot GMP rated lab facility in Wayne, Pennsylvania, a suburb of Philadelphia.
JLL marketed the property on behalf of the seller, Maguire Hayden, in the sale to a private buyer.
Renovated in 2018, the property boasts 22’ clear heights as well as two loading doors and three drive-ins providing impressive functionality. Additionally, a new amenity center was added to 466 Devon Park Dr. providing tenants with a cafeteria, conference space and a state-of-the-art fitness facility. The building is fully leased to Charles River Laboratories (NYSE: CRL), an early-stage contract research company providing drug discovery, non-clinical development, and safety testing services to clients.
Located on 10 acres in the highly desirable King of Prussia/Wayne submarket, the facility is strategically positioned along the Route 202 corridor and features superior local and regional access to the area’s busiest roadways, including Routes 422 and 202, The Pennsylvania Turnpike (I-276) and Interstates 76 and 476. 466 Devon Park Dr., benefits from its position in the greater Philadelphia MSA, which has the largest concentration of healthcare in the country with over 120 hospitals, 200 pharmaceutical and biotechnology firms and 135 medical manufacturers throughout the region. As a result, it is the largest job sector in the area with 26.6% of residents employed in education and health services.
The average household income within a five-mile radius of the building is over $145,000 outpacing the rest of the county. Additionally, more than 29.8% of the population over 25 are estimated to have earned a graduate/professional degree with 32.7% holding a bachelor’s degree, more than double the national average.
“Maguire Hayden did an excellent job repositioning 466 Devon Park Dr. into a state-of-the-art life science asset,” said Galbally. “We saw a tremendous amount of investor interest from both institutional and international capital. We expect investor interest in Philadelphia to remain competitive, especially for core life science product. We were pleased to work with Maguire Hayden on a successful transaction.”
“The sale of 466 Devon Park Dr. substantiates life sciences demand in the Greater Philadelphia region,” added Segal. “The offering was extremely sought after and further solidifies the value proposition of highly amenitized, converted R&D facilities in up-and-coming life sciences clusters in our area.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion, operations in over 80 countries and a global workforce of more than 100,000 as of March 31, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Maguire Hayden
Maguire Hayden Real Estate Company, L.P. is a fully integrated commercial real estate investment and operating firm that primarily acquire, repositions, and manages industrial, office and flex properties in the Eastern US. With approximately five (5) million square feet under management, Maguire Hayden’s principals have more than sixty (60) years of combined industry experience and have consistently practiced a core belief that tenant service and business integrity fosters long term tenant retention and ultimately maximizes value for tenants, investors and ownership buildings.
Maguire Hayden has a very calculated and disciplined approach to investing, targeting attractive risk-adjusted returns toits investors. The company relies heavily on its combined real estate experience and extensive knowledge of the local markets.