Overview
As exclusive agent, Cushman & Wakefield’s National Industrial Advisory Group is pleased to offer the 700 Emlen Way for sale. Totaling 96,364 SF on 8.24 acres, 700 Emlen Way is the headquarters for Met-Pro Technologies, a division of CECO Environmental (NASDAQ: CECO). The Property is ideally located directly off Route 309, minutes from I-476/PA Turnpike (Exits 31/31A) between Allentown and Philadelphia, PA.
Located in Bucks County, PA, 700 Emlen Way is ideally positioned in the greater PHL MSA with access to King of Prussia, Allentown, Center City Philadelphia, and Trenton. 700 Emlen Way is within the Southeastern Pennsylvania industrial submarket that is comprised of 99.8 MSF. The submarket continues to see strong demand and rent growth of 98% since 2018, and nearly 21 MSF of leasing velocity during that time. 700 Emlen Way is accessible to over 5.3 million consumers within an hour drive and surrounded by an affluent population and workforce labor.
A global manufacturer and distributor of water pump and filtration systems, Met-Pro has been headquartered in 700 Emlen Way since its completion in 1992. Met-Pro is fully leasing the site through June 2030 with a corporate guarantee from CECO Environmental. 700 Emlen Way provides new owners with a financeable 5.5-year WALT and NOI upside with in-place rents +/-32% below market.
Investment Highlights
Below Market Rents + Compelling Basis
- Net leased through June 2030
- Headquartered facility for Met-Pro Technologies, lease guaranteed by parent company CECO Environmental
- $6.42/SF current rent vs. market of $9.50/SF
- Anticipated basis below replacement cost
Compelling Southeastern Pennsylvania Fundamentals
- Average asking rents $11.59/SF, 98% increase over the past five years
- 21 million square feet of leasing activity over the last five years
- 96% weighted average occupancy over the last five years
Infill Philadelphia MSA Location
- Immediate access to Route 309, minutes from I-476/PA Turnpike Exits 31/31A, just north of King of Prussia, between Allentown, PA, Philadelphia, PA, and Trenton, NJ
- Access to Center City PHL, PHL Airport (undergoing $1.2 BN / 136-acre expansion), Port of Wilmington (#3 in U.S. for refrigerated product), PhilaPort (largest and fastest growing refrigerated port in the US, accounting for 14% of the nation’s refrigerated container TEU import volume) + Penn Terminals within 30 minutes
- 2.3 MM, 5.3 MM, 10 MM consumers within a 45-, 60-, and 90-minute drive time
- Accessible to diverse labor pool with bedroom surrounding communities and workforce labor
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