Development
The Flynn Company is one of the very few real
estate firms in the Delaware Valley with expertise in the
development of large tracts of land. The firm has developed,
either independently or with joint venture partners, over
2,000 acres as major business centers which encompass millions
of square feet in commercial, industrial and research and
development buildings. Many of these facilities were constructed
on a build to suit basis.
From site selection and acquisition through governmental
approvals, from design and engineering to construction and
occupancy, from financing to management, the Flynn Company
has the in-house capability to take a project from concept
through to successful completion.
Success Story – 200 Commerce Drive,
Creative Industrial Redevelopment
 The
Flynn Company’s Delaware County marketing staff identified
200 Commerce Drive in Aston, Pennsylvania as an attractive
acquisition that could be bought at a steep discount to replacement
cost. In order to outmaneuver competitive bidders, The Flynn
Company closed on this vacant former Zenith plant, using its
own cash, for under $25.00 per square foot.
The Flynn Company quickly located two tenants
to occupy the facility. One of the tenants, Cott Beverage
was a fairly straightforward warehouse lease for approximately
half of the building. The other tenant, a start-up charter
school, presented several challenges however, The Flynn Company
was able to overcome those challenges to create value in the
project.
Following is an overview of those challenges,
and The Flynn Company’s entrepreneurial approach to
solving them:
1. The Flynn Company development
team worked closely with the local political powers to overcome
potential objections to the change of use before they could
become major obstacles to the redevelopment.
2. As a start-up, the charter
school had no credit history and limited experience. That made
conventional financing of the above-market tenant improvements
impossible. The Flynn Company underwrote every aspect of the
charter school’s operation and financing sources thus
satisfying themselves that the risks were minimal given the
potential rewards. The Flynn Company decided it would be prudent
to finance the $1.8 million in improvements with cash.
3. We used our in-house engineering,
development, construction, and space-planning resources to
control costs and deliver the improvements at the most cost-effective
pricing.
After the charter school had occupied the building,
and demonstrated a creditable rental payment history, The
Flynn Company was able to place favorable permanent financing
on the property.
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