Pennsylvania Warehouse Trades for $16M
- Feb 01, 2017
New Kensington, Pa.—Marcus & Millichap recently closed the sale of a 239,400-square-foot industrial property in New Kensington. The asset was acquired by Broadstone Real Estate LLC for $15.5 million.
The seller Kacin Co. was represented by Marcus & Millichap’s Senior Associate Donovan Mackey, Associate Mitchell Cowan an Mark Taylor, senior managing director of investments at the firms Philadelphia office. In addition, Donovan Mackey procured the buyer.
The industrial property is located at 350 Alvin Drive on 34 acres, along Pennsylvania Route 380. The building was completed in 2015 and designed as a fullfilment hub and distribution center for Leedworld Inc. Leedworld currently occupies the entire property, having a triple-net lease for a 14-year term. The property has 19 docks with custom levelers, as well as office space which can be expanded by an additional 260,600 square feet to a total of 500,000.
“Our targeted marketing campaign attracted a significant amount of interest from institutional investors and fueled a strong multiple-bid-offer process,” said Mackey in a prepared statement. “The process and final outcome fulfilled the expectations of everyone involved.”
Image courtesy of Marcus & Millichap